Trevor Milton, founder of Nikola Corporation NKLA, which is aiming to manufacture battery-electric and hydrogen-electric trucks, said his company’s electric Badger pickup truck will match the popularity of Ford Motor Company’s F U.S. best-selling F-150 truck.
Appearing on CNBC’s “Fast Money” on Tuesday, Milton said he considered Badger a rival to Ford’s offering. He explained, “It’s really a true truck like Americans are used to.”
Milton elaborated, “It’s the size of an F-150. It’s used for job sites. ... It’s got all the doors for a family. You can put car seats in it. You can put a four-wheeler in the back.”
The Nikola founder also took aim at rival Tesla Inc.’s TSLA upcoming Cybertruck saying, “We’re not really competing against it because our truck is a true pickup truck.”
Disclosing that semis are Nikola’s revenue model, Milton said that Nikola is aiming high with the Badger and is “going after the Ford-150 crown.”
Why It Matters
Nikola shares have clocked gains of more than 90% since they debuted on June 4 through a reverse merger. The shares closed nearly 8% lower on Tuesday at around $63.
The company’s stock is a short squeeze target due to significant mark-to-market losses and “skyrocketing stock borrow fees,” according to S3 Partners analyst Ihor Dusaniwsky.
Reservations for the Badger will begin June 29 and will cost between $250 and $5,000. The vehicle will be priced between $60,000 and $90,000, Milton told CNBC.
Production will commence in 2021, and Milton claims Nikola can make more than $750,000 in revenue per truck as the company also plans to manufacture and sell the hydrogen fuel that powers its vehicles.
Nikola shares traded 0.43% higher at $63.20 in the after-hours session on Tuesday. The shares had closed the regular session 7.63% lower at $62.93.
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