Nikola Motor Company Valuation, Funding & Investors

Nikola Motor Company is valued at $3B as of September 2019.

Last Nikola Motor Company valuation

$3B

Series D · Sep 2019

Last Nikola Motor Company funding round

$250M

Series D · Sep 2019

Cumulative funding Nikola Motor Company raised

$460M

across 2 funding rounds

Key investors in Nikola Motor Company

Nikola Motor Company Overview

About Nikola Motor Company

Nikola Motor Company was a Phoenix, Arizona-based developer of zero-emission heavy-duty trucks powered by hydrogen fuel cells and battery-electric technology, including the Nikola TWO fuel-cell day cab and the Nikola TRE battery-electric cab-over truck. The company went public via SPAC in 2020 as Nikola Corporation, but after years of losses it filed for bankruptcy in February 2025, with its factory and other assets subsequently acquired by Lucid Motors.


HQ

United StatesUnited States

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Valuation

$3B (Sep 2019)

Nikola Motor Company Valuation

Nikola Motor Company is currently valued at $3B, based on its Series D in September 2019.

The $250M round was led by CNH Industrial, with participation from Hanwha and Bosch.

Nikola Motor Company's valuation has grown 2.7x from $1.1B at its Series C in August 2018 to $3B in September 2019, across 2 priced rounds.

Nikola Motor Company valuation by funding round

Nikola Motor Company valuation by funding round
DateStageValuation
Sep 2019Series D$3B
Aug 2018Series C$1.1B

Nikola Motor Company Funding History

Nikola Motor Company has raised a total of $460M across 2 funding rounds.

Nikola Motor Company's first fundraising round was a $210M Series C in August 2018. The most recent completed round was a $250M Series D in September 2019.

Nikola Motor Company funding rounds

Nikola Motor Company funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Sep 2019Series DCNH Industrial (lead); Hanwha; Bosch$250M$3BNikola Motor Company, a Phoenix-based startup developing zero-emission heavy-duty trucks powered by hydrogen fuel cells and battery-electric technology, announced its Series D funding round on September 3, 2019. CNH Industrial led the round with a $250 million strategic investment, comprising $100 million in cash and $150 million in services including product development, manufacturing engineering, and key components supply. The round aimed to raise over $1 billion total, granting approximately 25% ownership to new investors and partners. Pre-money valuation was set at $3 billion. Other investors included Robert Bosch GmbH and Hanwha Group, each contributing over $100 million. The partnership focused on accelerating production of Nikola's Class 8 trucks: the Nikola TWO fuel cell-powered day cab for North America and the Nikola TRE battery-electric cab-over model for North America and Europe. CNH's Iveco and FPT Industrial brands provided engineering, manufacturing expertise, and access to European sales, service, and warranty channels. A planned European joint venture would cover both battery-electric and fuel-cell electric vehicles launching by Q4 2022. Nikola's disruptive business model offered an 'all-in' lease rate covering vehicle, service, maintenance, and fuel costs at or below diesel total cost of ownership. Nikola reported 14,000 pre-orders for its truck lineup, including the Nikola ONE sleeper cab, Nikola TWO day cab, and Nikola TRE. Previously, the company had raised $276 million across seed and three prior rounds. Funds were earmarked for completing truck development, building an Arizona factory, and establishing a hydrogen fueling network. Strategic milestones included industrializing the Nikola TWO and integrating Iveco S-Way technology into the Nikola TRE.
Aug 2018Series C-$210M$1.1BNikola Motor Company, a developer of heavy-duty hydrogen and electric trucks, secured $210 million in venture funding in November 2018. The company reported minimal revenue of 95K USD in its 2018 fiscal year, primarily from early heavy-duty truck activities, reflecting its pre-revenue stage focused on development and pre-orders claimed at $14 billion by 2019 but with no deliveries then. Financials show operating losses of around $383 million and net income of -$384 million for 2018, with gross profit at just 23K USD. By 2016, Nikola claimed $2.3 billion in pre-sales for its trucks, though no deliveries occurred at that time, and in May 2018, Anheuser-Busch placed a provisional order for up to 800 hydrogen truck leases. The company transitioned from Nikola Motor Company to Nikola Corporation and went public via SPAC in 2020, reaching a $13 billion valuation in early August 2020 against negligible revenue of $80,000 in the first half of that year. Investments continued, with total funding reaching billions, including a later GM partnership for an 11% stake valued at $2 billion in 2020. Post-2018, Nikola faced challenges including a 2022 recall of 93 Tre battery-electric vehicles and acquisition of Romeo Power, while scaling to deliver 48 vehicles by August 2022 with $18.1 million revenue that year. Revenue grew to $50.82 million in 2022 and $35.84 million in 2023, but remained unprofitable with EBITDA deeply negative at -$498.75 million TTM recently.

Who has invested in Nikola Motor Company?

3 investors have backed Nikola Motor Company across its funding rounds, including Bosch, Hanwha and CNH Industrial.

Lead investors include CNH Industrial.


Nikola Motor Company Investors

Investors in Nikola Motor Company by funding rounds participated
InvestorHQRoundsRoleFirst check
HanwhaSouth KoreaSeoul1ParticipantSep 2019

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by Nikola Motor Company

Nikola Motor Company has acquired 3 companies to date.

Last acquisition by Nikola Motor Company was on August 1st 2022. Nikola Motor Company acquired Romeo Power for $144M.


Latest Acquisitions by Nikola Motor Company

Romeo Power
VectoIQ LLC
Free Form Factory
Description
Romeo Power is a Vernon, California-headquartered battery technology company founded in 2016 that designs and manufactures lithium-ion packs for electric vehicles, stationary storage, and consumer devices. Its modules deliver high energy density with integrated battery management systems for safety and performance. Production facilities in California and Nevada supply OEMs in automotive and energy sectors, emphasizing scalable cell-to-pack architectures.
VectorIQ LLC is a New York-based advisory firm focused on special purpose acquisition companies in the intelligent transportation sector. It sponsored VectorIQ Acquisition Corp, which completed a reverse merger with Nikola Corporation in June 2020 to form a publicly traded electric and hydrogen truck manufacturer. The firm also backed VectorIQ Acquisition Corp II, merging with LiveOne in August 2021 to create a digital audio platform serving over 80 million monthly listeners. VectorIQ provides strategic guidance to mobility startups navigating public markets through SPAC transactions.
-
HQ CountryUnited StatesUnited StatesUnited States
HQ City
Los Angeles, CA
New York City, NY
-
Deal Date1 Aug 20223 Mar 20201 Nov 2017
Valuation$144M$3.3Bundisclosed
EV/Revenue
EV/EBITDA

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Investments by Nikola Motor Company

Nikola Motor Company has invested in 1 company to date.

Latest investment by Nikola Motor Company was on June 22nd 2021. Nikola Motor Company invested in Wabash Valley Resources in their $50M Strategic investment round.


Latest Investments by Nikola Motor Company

Wabash Valley Resources
Description
Wabash Valley Resources is an energy company developing hydrogen production from coal gasification. Terre Haute-based at the Petra Nova site, it repurposes existing infrastructure for blue hydrogen with CCS capturing 95% CO2. The firm partners with GE and Mitsubishi for 300,000 tons annual output aimed at Midwest industrial users. Launched in 2022, WVR advances clean fuels through DOE grants and private equity.
HQ CountryUnited States
HQ City
Terre Haute, IN
Deal Date22 Jun 2021
RoundStrategic investment
Raised$50M
Investors-
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Nikola Motor Company Competitors

Nikola Motor Company competitors include listed companies like Mitsubishi Motors and BAIC BluePark New Energy, and private ones like DeepBlue Auto, Zhizi Automobile, Youxia Motors and BYTON.

Public and private companies comparable to Nikola Motor Company
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
DeepBlue AutoChinaChinaPrivate--$3B-
Mitsubishi MotorsJapanJapanPublicly listed$19B$883M$3.2B0.2x
Zhizi AutomobileChinaHefeiPrivate--$3.3B-
Youxia MotorsChinaShanghaiPrivate--$3.4B-
BYTONChinaNanjingPrivate--$2.5B-
BAIC BluePark New EnergyChinaChinaPublicly listed$4.2B($501M)$4.3B0.7x

Nikola Motor Company Public Comps

Nikola Motor Company is still privately-owned, but its public comps include Tofaş, Pony AI, Polaris, QuantumScape, Mitsubishi Motors, Aima Technology Group, Harley-Davidson, Thor Industries, NFI Group and Ninebot.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Tofaş$6.8B$243M0.6x0.4x17.2x11.1x
Pony AI$90M($71M)21.1x14.1x(26.9x)(7.9x)
Polaris$7.2B($115M)0.7x0.7x(43.0x)8.8x
QuantumScape-($397M)--(6.1x)(9.3x)
Mitsubishi Motors$19B$883M0.2x0.2x4.7x4.0x
Aima Technology Group$3.7B$422M0.6x0.6x5.3x6.0x
Harley-Davidson$4.5B$665M0.7x0.8x4.8x10.3x
Thor Industries$9.6B$616M0.4x0.4x6.6x7.4x

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Common questions about Nikola Motor Company

Where is Nikola Motor Company headquartered?Nikola Motor Company is headquartered in United States.
Is Nikola Motor Company publicly listed?No, Nikola Motor Company is a private, VC-backed company.
What is Nikola Motor Company's valuation?Nikola Motor Company was last valued at $3B in its Series D in September 2019.
How much funding has Nikola Motor Company raised?Nikola Motor Company has raised $460M across 2 funding rounds.
What was Nikola Motor Company's last funding round?Nikola Motor Company's last funding round was a $250M Series D in September 2019, led by CNH Industrial.
Who are Nikola Motor Company's investors?Nikola Motor Company's investors include Hanwha, CNH Industrial and Bosch.
Which companies are comparable to Nikola Motor Company?Companies comparable to Nikola Motor Company include DeepBlue Auto, Mitsubishi Motors, Zhizi Automobile, Youxia Motors, BYTON and BAIC BluePark New Energy.
How many companies has Nikola Motor Company acquired?Nikola Motor Company has acquired 3 companies, including Romeo Power, VectoIQ LLC and Free Form Factory.
What was the largest acquisition by Nikola Motor Company?The $3.3B acquisition of VectoIQ LLC in March 2020 is the largest acquisition Nikola Motor Company has made to date.
How many companies has Nikola Motor Company invested in?Nikola Motor Company has invested in 1 company, including Wabash Valley Resources.
What was Nikola Motor Company's last investment?In June 2021, Nikola Motor Company invested in Wabash Valley Resources' $50M strategic investment round.

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