Reservation holders for Nikola Motor Company‘s hydrogen-electric Nikola One tractor are about to receive the equivalent of an income tax refund.
Company founder and CEO Trevor Milton said Wednesday the company will be returning the $1,500 deposit the company initially required to hold a reservation slot and that future reservations for the Nikola One or Nikola Two will not require deposits.
“We have decided to refund every deposit on all Nikola trucks and UTVs,” he says. “You keep your place in line and get your money back.”
Great news! All reservations will be refunded 100% and you won't lose your place in line. We don't use your money to operate our business. We want everyone to know we have never used a dollar of deposit money in the history of our company. All deposits will be refunded < 60 days
— Nikola Motor Company (@nikolamotor) April 4, 2018
Refunds, the company said through its Twitter account yesterday, will be processed within the next 60 days.
Terms of the order agreements themselves, including the full-service, 72-month lease that includes unlimited nationwide hydrogen fueling, are unaffected by the return of deposit money, the company says.
Nikola has hinted for weeks that the company has secured a large tractor order that will aid the company in building out its network of hydrogen stations, including the installation of 28 stations along the fleet’s routes. The company expects to be able to make a formal announcement in the coming weeks.
Nikola expects to begin testing of production units with fleets in January.