Fleet Financing

Nikola Motors partners with ENGS Finance

In the United States, Nikola has signed an agreement with ENGS Commercial Finance to facilitate sales of Nikola Tre Class 8 Battery Electric Vehicles (BEVs) and Nikola Tre Hydrogen Fuel Cell Electric Vehicles (FCEVs).

Working directly through the Nikola dealer network, ENGS will offer customer financing solutions for the purchase of Nikola vehicles, charging assets and infrastructure needs to provide a wide range of financial solutions to Nikola customers.

ENGS is a financial company specializing in the leasing and financing of transport, industrial and construction equipment, as well as working capital and insurance products. The company claims to have over $1.6 billion in assets under management and over 70 years of experience financing trucks and trailers for small, medium and large fleets.

Jim Freund, Executive Vice President and Chief Marketing Officer of ENGS, said, “We look forward to working closely with Nikola and its dealer network to provide the best customer finance products on the market to help promote the sale of Nikola trucks.”

Shortly before Christmas 2021, Nikola delivered the first examples of its BEV trucks to the logistics company Total Transportation Services (TSSI). Deliveries of Nikola Tre hydrogen fuel cell trucks are scheduled for 2023. Nikola Motors is now ensuring that commercial fleet operators have many financing options to decarbonize their truck fleets.

“Our partnership with ENGS will strengthen our ability to help even more fleets go zero emissions by offering a variety of innovative solutions to customers who need alternative financing options,” said Kim Brady, Chief Financial Officer of Nikola.

Just two months ago, in January of this year, Nikola and Corcentric Fleet Funding Solutions also signed an agreement to facilitate sales of Class 8 Nikola Tre BEVs and FCEVs. As part of this agreement, Corcentric will purchase vehicles and related assets directly from Nikola to offer Nikola customers a bundled rental agreement including vehicles, maintenance and related assets, such as charging equipment.

Production of the Nikole Tre battery-electric truck began last week at Nikola’s manufacturing facility in Coolidge, Arizona.

nikolamotor.com