Nikola makes zero-emission Class 8 heavy-duty trucks for the North American market. Nikola sells two variants of its "Tre" truck on a shared platform: a battery electric vehicle (BEV) with up to 330 miles of range targeting short- and medium-haul routes, and a fuel cell electric vehicle (FCEV) powered by hydrogen with up to 500 miles of range targeting medium- and long-haul routes. Nikola's customers are trucking fleets and carriers — including J.B. Hunt and DHL — that buy Nikola trucks primarily to meet sustainability goals tied to corporate Scope 3 emissions commitments. Nikola sells through a dealer network of 19 U.S. locations, supplemented by direct engagement with large fleets. Nikola also operates an early-stage hydrogen fueling infrastructure business under the HYLA brand, with a handful of stations in California. Nikola views this fueling buildout as essential to FCEV adoption, creating a chicken-and-egg dynamic where truck deployment and fueling infrastructure must scale together. Government incentives are critical to demand — FCEV trucks qualify for up to $288,000 in California subsidies and up to $40,000 in federal tax credits, without which fleet economics versus diesel would be materially weaker. Nikola's path to profitability depends on scaling volumes to reduce per-unit costs, but the company currently generates significant gross losses on both trucks and energy operations and has acknowledged it needs external capital to sustain operations.