General
November 14, 2018
9 minutes read

Nikola Motor closes $210 million Series C round at said $1.1 billion valuation

Nikola Nikola Motor, the electric vehicle startup which unveiled a new vehicle aimed for the European market just over a…

Nikola

Nikola Motor, the electric vehicle startup which unveiled a new vehicle aimed for the European market just over a week ago has announced a close of a $210 million Series C round that involved a previously announced $100 million round plus an additional $100 million funded this November.

As per TechCrunch, Nikola Motor confirmed of this round coming with a $1.1 billion valuation for the company which says it has logged $380 million in pre-orders for the Nikola Tre unveiled in just over a week time.

Nikola

“Once the Nikola Tre arrives in Europe, diesel will finally be on its way out, ” Nikola CEO Trevor Milton said. “Now that we are funded and oversubscribed, we are kicking it into high gear and preparing for Nikola World 2019. At Nikola World, you will see the USA Nikola Two prototype in action and be able to step foot in our European Nikola Tre. We also have a few surprises for the show from our powersports division and other new product announcements,” Milton said.

The company is planning on having Hydrogen coverage in USA, Canada, Europe and Australia by 2028. It has racked up $12 billion in pre-orders so far for its vehicles amid a lawsuit with Tesla which it alleges stole designs for its semi truck from the Nikola One vehicle.

“Tesla’s design has caused confusion among customers,” the company wrote in its suit. “The confusion has diverted sales from Nikola to Tesla. Further, any problems with the Tesla Semi will be attributed to the Nikola One, causing harm to the Nikola brand.” It stated in its suit which is still ongoing.