Benzinga | Sep 15, 2021 10:54AM EDT

IVECO, Nikola Inaugurate JV Facility For Electric Trucks

* The partnership between IVECO, the commercial vehicles brand of CNH Industrial NV (NYSE:CNHI), and Nikola Corp (NASDAQ:NKLA) inaugurated its manufacturing facility in Ulm, Germany.

* The manufacturing facility dedicated to the Nikola Tre electric heavy-duty trucks was unveiled to the public, ready to start production by year-end.

* The first Nikola Tre models produced at the facility will be delivered to select customers in the U.S. in 2022.

* In addition to the battery-electric vehicle (BEV) production model, the next evolution of modular heavy-duty platform was displayed in the form of the fuel cell electric vehicle (FCEV) prototype Nikola Tre. This subsequent model will enter production in Ulm by 2023-end.

* Spanning 50,000 square meters, the Ulm manufacturing facility features a final assembly process designed for "electric-born" vehicles.

* The production line can manufacture ~1,000 units per shift per year and is expected to undergo progressive ramp-up in the following years.

* Price Action: CNHI shares are trading higher by 0.50% at $16.24, and NKLA lower by 1.06% at $9.81 on the last check Wednesday.