Wabco acquires equity stake in Nikola Motor Company
Wabco also signed an agreement with Nikola to accelerate the development of safety technologies specifically designed for electric commercial vehicles
Belgium-based Wabco Holdings, a global supplier of technologies and services that improve the safety, efficiency and connectivity of commercial vehicles has made a $10m strategic investment to acquire 1% equity stake in US-based Nikola Motor Company, which designs and manufactures hydrogen-electric vehicles, vehicle components, energy storage systems, and electric vehicle drivetrains.
Wabco, which aims to advance the development of electric and highly automated commercial vehicles in North America and around the globe, also signed an agreement with Nikola to accelerate the development of safety technologies specifically designed for electric commercial vehicles, including electronic braking systems (EBS), as well as traction and stability control technologies.
Jacques Esculier, chairman and CEO, Wabco, said: “Vehicles are becoming increasingly autonomous, electric and connected. We are excited to invest in Nikola Motor Company to help the industry realize our joint vision of electrified and autonomous trucks, buses, trailers and off-highway vehicles. Wabco’s technologies, notably braking, traction and stability control systems, continue to advance the transportation industry.”
Trevor Milton, founder and CEO, Nikola Motor Company, said: “Wabco continues to stay at the vanguard of technology and innovation. At Nikola, we are driving a paradigm shift in the transportation industry by creating the most advanced semi-truck ever built. Wabco is a vital business partner to enable autonomous driving, electronic braking, and stability control for trucks and trailers. Wabco is recognized as a global leader in safety and efficiency technologies for next-generation commercial vehicles. We have added a world-class supplier to the Nikola truck family and are looking forward to our collaboration to bring Nikola’s zero emission trucks to market.”
Nikola plans to begin testing its zero emission trucks with commercial vehicle fleets in late 2018 and launch full production in 2021.