Nikola (NKLA) Expands into Canada

Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, announced today an expansion of its dealer network into Canada for its Class 8 truck sales and service coverage with the addition of ITD Industries Inc., an industry leading commercial trailer manufacturer and technology business headquartered in Toronto, ON.

ITD is a North American leader in transportation equipment manufacturing, boasting more than two decades of experience, more than 20,000 trailers built and a growing network of customers from across Canada and the U.S. ITD's diversified products set industry standards for quality, innovation and customer experience.

Canada is a premium market with its supportive population, industry and government as it relates to addressing the impacts of climate change and its ambitious plans to transition towards hydrogen and cleaner fuels.

"Bringing ITD on board as our first Canadian dealer is an exciting move for Nikola. Canada's zero-emission vehicle friendly environment for Class 8 trucks, fueled by attractive incentives and its ambitious carbon reduction goals, makes it a strategic market for the future of transportation," said Nikola President and CEO Steve Girsky. "What makes this partnership even more ideal is the shared dedication to our customers. ITD's commitment to product innovation and customer service aligns perfectly with our mission to empower fleets and drive success as they transition to a more sustainable future."

"At the heart of ITD is a commitment to sustainability and innovation. Our ability to now include Nikola's Class 8 zero-emission trucks in our growing product line-up is the perfect complement to our investments in electric trailer technology and a natural next step in our Company's ambition to bring promising clean transportation solutions to the Canadian marketplace," said ITD CEO Benny Di Franco.

ITD's Toronto-based premier Nikola showroom and service operations will be integrated into its manufacturing facility and features 55-foot ceilings and more than 78,000 square feet.

According to ITD's COO, Philip Turi, "Canadian fleet operators are in critical need of strategic partners to help accelerate their shift to a more sustainable future. We are extremely excited to be leveraging our brand, reputation and new partnership with Nikola to be that accelerant here in Canada."

Nikola is anticipating significant growth in Canada with eligibility received for the Incentives for Medium- and Heavy-Duty Zero-Emission Vehicles (iMHZEV) Program. The iMHZEV program offers Canadian organizations (for profit and non-profit), in all provinces, territories and municipalities, up to $200,000 (CAD) in incentives towards the purchase or lease of the Nikola hydrogen fuel cell electric truck and up to $150,000 (CAD) in incentives towards the purchase or lease of the Nikola battery-electric truck.

Furthermore Nikola is eligible for the Clean BC Go Electric Rebates in the province of British Columbia with $150,000 (CAD) in incentives towards the purchase or lease of both the Nikola hydrogen fuel cell and battery-electric truck. This provincial incentive is stackable with the iMHZEV federal incentive.

ITD will be promoting Nikola's zero-emission trucks across its national sales channels and is a qualified dealer under the Federal government's iMHZEV program. ITD will be holding a launch event for industry and other interested stakeholders in the Fall of 2023 to share more about its partnership with Nikola.

You May Also Be Interested In

• Rapid Line sees stock surge with no known corporate cause
• Merit Medical names new EVP of global operations as COO prepares to exit
• EHang and CSCEC partner on eVTOL corridor project in Hainan