Nikola Motors partners with ENGS Finance
In the USA, Nikola has signed an agreement with ENGS Commercial Finance to facilitate sales of Class 8 Nikola Tre battery-electric vehicles (BEVs) and Nikola Tre hydrogen fuel-cell electric vehicles (FCEVs).
Working directly through the Nikola dealer network, ENGS will offer customer finance solutions for the purchase of Nikola vehicles, charging assets and infrastructure requirements to offer a broad range of financial solutions to Nikola customers.
ENGS is a finance company that specialises in transportation, industrial and construction equipment leasing and financing, as well as working capital and insurance products. The company says it has over $1.6 billion in assets under management, and over 70 years’ experience financing trucks and trailers for small, medium and large fleets.
Jim Freund, ENGS Executive Vice President & Chief Marketing Officer said: “We look forward to working closely with Nikola and their dealer network to provide the best customer finance products in the market to help promote the sale of Nikola trucks.”
Shortly before Christmas 2021, Nikola delivered the first examples of its BEV trucks to logistics company Total Transportation Services (TSSI). Nikola Tre hydrogen fuel cell truck deliveries are anticipated in 2023. Nikola Motors is now seeing to it that commercial fleet operators have plenty of financing options to decarbonise their truck fleets.
“Our partnership with ENGS will strengthen our ability to help even more fleets transition to zero-emissions by offering a variety of innovative solutions for those customers that require alternative financing options,” said Nikola Chief Financial Officer Kim Brady.
Just two months ago, in January this year, Nikola and Corcentric Fleet Funding Solutions also signed an agreement to facilitate sales of Class 8 Nikola Tre BEVs and FCEVs. In this deal, Corcentric will purchase vehicles and related assets directly from Nikola to offer Nikola customers a bundled lease that includes vehicles, maitenance and related assets – such as charging equipment.
Production of the Nikole Tre battery electric truck began last week at Nikola’s Coolidge, Arizona manufacturing facility.