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The California company Total Transportation Services Inc. has issued a letter of intent to purchase 100 battery-electric vehicles (BEVs) from electric startup Nikola, whose Nilola Tre BEV is designed for local deliveries up to 350 miles.
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A new agreement between General Motors and Nikola shifts the focus to electrified heavy-duty trucks, with GM no longer planning to build the electric Badger pickup truck for Nikola.
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Nikola, which has yet to sell a truck, saw its market valuation surged to $31 billion — higher than Fiat Chrysler and Ford — in its first week of public trading.
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