The Electric Truck Market Is Heating Up

With new-to-market fully-electric manufacturers and traditional diesel manufacturers now developing partnerships with technology providers entering the fray, the next few years will see the electric semi truck market heating up with a handful of logistics companies already placing orders for regional delivery-rated trucks in the final stages of development.  First official manufacturer to serial production have surprised some, but they’re making a splash in the industry.

First To Market

While we’ve heard a great deal from consumer-turned-commercial manufacturer Tesla, including numerous press events, leaked videos, and performance stunts, Arizona’s Nikola was the first full-electric truck manufacturer to make delivery of commercially-ready trucks last month.  Nikola’s Tre model was first delivered to a logistics partner, Total Transportation Services, in Southern California late last year, but in April of 2022, ramped up serial production and is expected to deliver as many as 100 electric and fuel-cell trucks to TTS, while Anheuser-Busch began testing delivery with pre-production Nikola units back in January of this year.

What To Expect

While each manufacturer will tout slightly different range and performance metrics, Nikola’s Tre offering sits right in the sweet spot for regional logistics operators with a range of 350 miles for full-electric, and their fuel-cell model configured more for longer operations and due next year, will have a range of roughly 500 miles and refueling of around 20 minutes.  This puts the FCEV Tre right at around a day’s carry for a long-haul trucker, possibly 1 quick refueling in the last 1-2 hours of transit.

Funding an Alternative Fuel Truck

Traditional lenders are somewhat apprehensive about the new technology, with limited knowledge of residual value, durability, and battery longevity, but as an innovator in the commercial finance industry, ENGS has already engaged Nikola to operate as a financing partner through their dealerships, fast-tracking the delivery and operation of alternative energy freight, and is part of our green initiative as a company.