Iveco Group N.V. announced that, following the finalization of the definitive agreements with Nikola Corporation as per the terms sheet described on 9 May 2023, its subsidiary Iveco S.p.A. has acquired the full and sole ownership of the German company resulting from the former joint venture Nikola Iveco Europe, now to be renamed as EVCO (Electric Vehicles COmpany).

Iveco Group is licensed to access freely and continue developing vehicle control software for the jointly developed battery-electric (BEV) and fuel-cell-electric (FCEV) trucks. Nikola is granted the IVECO S-Way technology license for North America and related component supply from Iveco Group, and gains joint ownership of the intellectual property of Generation 1 eAxles, technology developed together with Iveco Group’s powertrain brand, FPT Industrial.

The European 4x2 Artic version of the Nikola Tre battery-electric vehicle (BEV)—launched in 2022 at IAA—is a zero-emissions battery-electric heavy-duty truck with a range of approximately 500 km and the performance to complete a wide range of regional missions.

Iveco said that the successful completion of this announced step reconfirms the steady commitment of the company in playing a leading role in the zero-emission heavy duty transport segment.

Iveco Group will concentrate on Europe for the further development and commercialization of its own battery-electric and fuel-cell-electric trucks, which includes rolling out its financing business model GATE, and Nikola will focus its operations in North America, with an integrated approach to its customers, offering BEV, FCEV and hydrogen infrastructure via its HYLA brand.