Nikola was hoping to use Romeo Power to make its own battery packs from 2024 car auto cars
It was just 11 months ago that the alternative-fuelmanufacturer decided to purchase Romeo Power for $144 million in stock to allow it to start making battery packs of its own. At the time of the deal, Romeo Power was one of Nikola’s battery suppliers, alongside LG Energy Solution and Proterra. Nikola had hoped that it would be able to start making its own battery packs as early as 2024.
Fast forward to July 2023 and Nikola has made the shock decision to liquidate the assets of Romeo Power. “Nikola is discontinuing its operations with Romeo Power and has commenced a proceeding under the California Assignment for the Benefit of Creditors statutory scheme,” a spokesperson from the truck manufacturer revealed.has made this decision but it could have something to do with the exorbitant costs of developing and producing battery packs in-house and it may have decided it’s better to source them from elsewhere.
In addition, Nikola said it will concentrate more heavily on the North American market in the immediate future and is planning to sell its joint venture share to Iveco Group. It is also working to reduce the material cost of its trucks by better localizing its supply chain.
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