Jay Eisenbarth, front, of Holt Cat talks about a rebuilt axle for a heavy machinery loader during a tour at the company’s manufacturing center in Waco on Oct. 27.WACO — A country music group played softly in the background as men wearing cowboys boots and trucker hats ogled at an odd European-looking, flat-faced semi-truck that stood out among the traditional tractors and trucks that surrounded it.
But Holt’s move is not without risk. Competitors aren’t equally embracing electrified big rig transport. And Nikola has had major troubles: Its founder was convicted of fraud last month; its second CEO departed this month; and the company has seen losses mount as it has struggled to produce enough trucks to meet its timelines and cost estimates. Other electric vehicle competitors, including Tesla Inc.’s semi truck, are also coming to market.
Justin Alls of Holt Cat stands near a transmission for one of its heavy machinery loaders during an event at its manufacturing center in Waco on Oct. 27.Former Nikola executive Mark Russell took over as CEO following Milton’s departure in September 2020. Then the executive job turned over again in August, when Russell announced he was leaving and Michael Lohscheller was named CEO. Lohscheller worked for a Vietnamese electric vehicle company as recently as late last year.
Nikola’s once-high-flying stock — the company at one point had a higher valuation than Ford despite no having revenue — has tumbled amid the Milton saga. After Nikola reported earnings Thursday, its shares sank 3.5 percent to $3.18. The stock has dropped by 69 percent since the start of the year.From Holt’s perspective, Acosta said the Nikola employees Holt has worked with are “very professional.”
Acosta said Texas offers numerous state grants — mostly through the Texas Commission on Environmental Quality — and the recently passed federal Inflation Reduction Act offers a tax credit for heavy-duty commercial electric vehicles that’s worth as much asNikola has said it sells its trucks for about $350,000 each as battery packs have gotten more expensive. That’s roughly double the price of a diesel-powered Peterbilt or International brand semi-truck.
For now, Holt is trying to find ways customers can use the Nikola Tre truck. Battery-powered trucks are much heavier than diesel semis, and piling up numerous batteries to extend a truck’s driving range reduces the amount of goods it can transport. Houston “seems to be the big market,” he said. “Drayage applications, where you’re taking containers off of ships and taking the stuff to a yard to be distributed, those customers are very excited about . It’s repetitive all day long, and then go home and charge all night.”Toyota’s San Antonio-built Sequoia sees first sales in October as Tundra dips a bit from year ago