IVECO takes full control of the former JV with Nikola. EVCO is the new company for the European market
IVECO, part of Iveco Group, has in practice taken over Nikola's shares and acquired the entirety of the project that the two entities had shared looking at the European market: it is easy to think, therefore, that now the electric trucks that will soon be on the market in the old continent will be branded IVECO.
The joint venture shared by IVECO and Nikola had officially ended last May 9, as we had promptly written here. IVECO, part of Iveco Group, has in practice taken over Nikola’s shares and acquired the entirety of the project that the two entities had shared looking at the European market: it is easy to think, therefore, that now the electric trucks that will soon be on the market in the old continent will be branded IVECO, while Nikola will continue its development plans limited to North America.
Nikola and IVECO: the evolution of a relationship
And indeed, a few days ago a ‘stolen’ pictures of an electric truck with the IVECO logo on a car transporter was posted on some Facebook pages, presumably about to be transported to a designated test site. Moreover, not long ago, Nikola officially announced its intention to reduce its workforce by about 270, especially among those who were in charge of brand development in the European market.
The new company, registered in Germany, which is in effect the heir to the former joint venture with Nikola will be called EVCO (an acronym for Electric Vehicles COmpany). The latter aims to play a major role in the spread of electric trucks in Europe, and will be responsible for continuing production at the Ulm plant, which was opened by the former joint venture in September 2021.
