• Home
  • News
    • Software
    • Autonomous
    • Battery
    • Charging
    • China
    • Commercial vehicles
    • Concept
    • Green Energy
    • Hybrids
    • Industry
    • Market Outlook
    • Modification
    • Motorcycles
    • Official
    • Politics
    • Rumors
    • Safety
    • Sales
    • Technology
    • Sports
      • Formula E
      • MotoE
      • Rally1
    • Opinions
    • News Releases
  • Brand
    • Audi
    • BMW
    • BYD
    • Chevrolet
    • Chrysler
    • Citroen
    • Dacia
    • Daihatsu
    • Ford
    • Geely
    • Honda
    • Huawei
    • Hyundai
    • Kawasaki
    • KIA
    • Lexus
    • Lotus
    • Lucid
    • Mazda
    • Mercedes-Benz
    • Mitsubishi
    • NIO
    • Nissan
    • Polestar
    • Porsche
    • Renault
    • Rivian
    • Rolls-Royce
    • Sony
    • Subaru
    • Suzuki
    • Tesla
    • Toyota
    • VinFast
    • Volkswagen
    • Volvo
    • Wuling
    • XPeng
  • Events
  • Advertising
  • Contact
EVMagz - Electric Vehicles News
Subscribe
No Result
View All Result
  • Home
  • News
    • Software
    • Autonomous
    • Battery
    • Charging
    • China
    • Commercial vehicles
    • Concept
    • Green Energy
    • Hybrids
    • Industry
    • Market Outlook
    • Modification
    • Motorcycles
    • Official
    • Politics
    • Rumors
    • Safety
    • Sales
    • Technology
    • Sports
      • Formula E
      • MotoE
      • Rally1
    • Opinions
    • News Releases
  • Brand
    • Audi
    • BMW
    • BYD
    • Chevrolet
    • Chrysler
    • Citroen
    • Dacia
    • Daihatsu
    • Ford
    • Geely
    • Honda
    • Huawei
    • Hyundai
    • Kawasaki
    • KIA
    • Lexus
    • Lotus
    • Lucid
    • Mazda
    • Mercedes-Benz
    • Mitsubishi
    • NIO
    • Nissan
    • Polestar
    • Porsche
    • Renault
    • Rivian
    • Rolls-Royce
    • Sony
    • Subaru
    • Suzuki
    • Tesla
    • Toyota
    • VinFast
    • Volkswagen
    • Volvo
    • Wuling
    • XPeng
  • Events
  • Advertising
  • Contact
EVMagz - Electric Vehicles News
Subscribe
No Result
View All Result
EVMagz - Electric Vehicles News
No Result
View All Result

Nikola agrees acquires Romeo Power for $144 million, to produce its own EV batteries in-house

by James Bryant
August 2, 2022
in Battery, Commercial vehicles, Nikola
Reading Time: 1 min read
A A
0
Nikola agrees acquires Romeo Power for $144 million, produce its own EV batteries in-house
Share on FacebookShare on Twitter

Nikola announced it has reached a deal to acquire battery pack supplier Romeo Power for $144 million. The deal is expected to see Nikola hold an important part of the supply chain.

Following the deal, Romeo’s shares closed up about 27% on Monday; Nikola closed up nearly 8%.

Under the deal, Nikola will provide Romeo Power with an interim fund of $35 million to continue operations until the transaction closes, the company said.

With the acquisition deal, Nikola is expected to save up to $350 million over the next four years.

Romeo Power is known as a manufacturer of modules and battery packs for commercial electric vehicles with lithium-ion battery cells produced by other companies.

Nikola is known as one of Romeo Power’s biggest customers. CEO Nikola Mark Russell said the acquisition deal would see the company accelerate development of its electrification platform.

“Given our strong relationship with Romeo and ongoing collaboration, we are confident in our ability to successfully integrate and deliver the many expected strategic and financial benefits of this acquisition,” said CEO Nikola Mark Russell.

Earlier in June, the company said it was evaluating options to make its own battery packs by 2024 to increase production volumes and reduce costs.

The cost of battery materials has indeed increased in recent months. Conditions were exacerbated by Russia’s invasion of Ukraine which forced electric vehicle manufacturers to raise prices

Google News iconFollow EVMagz on Google News
Tags: commercial vehicleElectric Truckelectric vehicleelectric vehiclesLithium-ionNikolasupply chain
Previous Post

BMW has new testing center for test its autonomous cars

Next Post

BP to invest up to £50 million in EV battery testing centre and analytical laboratory

James Bryant

James Bryant

Studied in journalism and transportation. James has been covering the electric vehicle scene since 2010 with focus in sports and China EV Brand.

Related Posts

Charging 1 350x250 - Nikola agrees acquires Romeo Power for $144 million, to produce its own EV batteries in-house

NEO Battery Materials Establishes US Subsidiary, NBM America to Expand Silicon Anodes and Battery Materials Projects

by Shaun Williams
January 26, 2023
0

NEO Battery Materials, a developer of low-cost silicon anode materials for lithium-ion batteries, is in the process of establishing a...

Britishvolt plant 350x250 - Nikola agrees acquires Romeo Power for $144 million, to produce its own EV batteries in-house

Britishvolt’s Failure Raises Concerns for the Future of Automotive Industry in the UK

by David Smith
January 26, 2023
0

UK battery startup Britishvolt, which aimed to become a major supplier of batteries for electric vehicles, has entered administration, raising...

Nikola and Fortescue Future Industries Collaborate on Large Scale Green Hydrogen Production in the US 350x250 - Nikola agrees acquires Romeo Power for $144 million, to produce its own EV batteries in-house

Nikola and Fortescue Future Industries Collaborate on Large-Scale Green Hydrogen Production in the US

by Robin Cannon
January 26, 2023
0

Nikola and Fortescue Future Industries (FFI) have joined forces to explore the co-development of large-scale green hydrogen production facilities in...

Hyla station 350x250 - Nikola agrees acquires Romeo Power for $144 million, to produce its own EV batteries in-house

Nikola Corp Separates Hydrogen Business to Focus on Electric Truck Production

by Sibley Presley
January 26, 2023
0

Nikola Corporation, a manufacturer of electric trucks, announced on Wednesday the formation of a new division to oversee the production...

Next Post
BP to invest up to £50 million in EV battery testing centre and analytical laboratory

BP to invest up to £50 million in EV battery testing centre and analytical laboratory

EV subscription service Onto raises $60M USD to launch European expansion

EV subscription service Onto raises $60M USD to launch European expansion

Fully autonomous vehicles allowed to run on certain roads in Shenzhen

Fully autonomous vehicles allowed to run on certain roads in Shenzhen

Discussion about this post

Newsletter

Get our daily electric vehicles news straight into your inbox!

  • Trending
  • Comments
  • Latest
Polestar 202 20MY24 20 282 29 120x86 - Nikola agrees acquires Romeo Power for $144 million, to produce its own EV batteries in-house

2024 Polestar 2 Gets Rear-Wheel-Drive Layout and 395-mile Range

January 25, 2023
Tesla Cybertruck - Nikola agrees acquires Romeo Power for $144 million, to produce its own EV batteries in-house

Upcoming Tesla Cybertruck Electric Pickup Come With Hardware 4

January 26, 2023
tesla cybertruck windshield patent 120x86 - Nikola agrees acquires Romeo Power for $144 million, to produce its own EV batteries in-house

Tesla Registers Patent for Cybertruck’s Novel Windshield

January 24, 2023
Zeeho AE8 specifications

Zeeho AE8 specifications : Everything you need to know

August 16, 2022
Zeeho AE8 Electric Scooter : Specifications, Range and Prices

Zeeho AE8 Electric Scooter : Specifications, Range, and Price

April 18, 2022
harley davidson livewire - Nikola agrees acquires Romeo Power for $144 million, to produce its own EV batteries in-house

Harley Davidson and Kymco patnership in the electric motorcycle industry

0
23c0041 005 120x86 - Nikola agrees acquires Romeo Power for $144 million, to produce its own EV batteries in-house

Mercedes-Benz Becomes First Carmaker to Bring SAE Level 3 Conditionally Automated Driving to the US in Nevada

January 28, 2023
Lucid Air Accessories 1 120x86 - Nikola agrees acquires Romeo Power for $144 million, to produce its own EV batteries in-house

Lucid Group’s Shares Surge 43% on Market Speculation of Buyout by Saudi Arabia’s Public Investment Fund

January 28, 2023
Alfa Romeo 120x86 - Nikola agrees acquires Romeo Power for $144 million, to produce its own EV batteries in-house

Alfa Romeo Reveals Plans for Larger Fully Electric Model for US Market, Arriving in 2027

January 28, 2023
livewire reuters - Nikola agrees acquires Romeo Power for $144 million, to produce its own EV batteries in-house

Harley-Davidson Confirms Transition to Fully Electric Bikes in Future

January 28, 2023
Lucid Motors Opens Combination Studio Delivery and Service Centre in Montreal Quebec 120x86 - Nikola agrees acquires Romeo Power for $144 million, to produce its own EV batteries in-house

Lucid Motors Opens Combination Studio, Delivery, and Service Centre in Montreal, Quebec

January 28, 2023

About

EVMagz was created not only to publish the breaking news of the day about electric vehicles, but to dissect it, promote it, and, most importantly, examine the how, what, and why of electric vehicles.

EVMagz brings together some of the most knowledgeable, well-known insiders, as well as dozens of prominent contributors.

Need Some Helps

  • Home
  • About Us
  • Advertising
  • Support EVMagz
  • Newsletter
  • Privacy Policy
  • Cookie Policy
  • Contact

Browse by Tag

Automotive autonom Autonomous batteries battery BYD charger charging charging station china commercial vehicle company concept electric electric car Electric Truck electric vehicle electric vehicles elon musk Energy europe Fast Charging fleet germany hybrid Hydrogen hyundai Invest lithium Lithium-ion mercedes motorcycle performance platform price range sales software specification specifications supply chain technology tesla truck Volkswagen

Recent Posts

  • Mercedes-Benz Becomes First Carmaker to Bring SAE Level 3 Conditionally Automated Driving to the US in Nevada
  • Lucid Group’s Shares Surge 43% on Market Speculation of Buyout by Saudi Arabia’s Public Investment Fund
  • Alfa Romeo Reveals Plans for Larger Fully Electric Model for US Market, Arriving in 2027
  • Harley-Davidson Confirms Transition to Fully Electric Bikes in Future
  • Lucid Motors Opens Combination Studio, Delivery, and Service Centre in Montreal, Quebec

© 2022 EVMagz - Electric Vehicles magazine by EVmagz.

No Result
View All Result
  • Home
  • News
    • Software
    • Autonomous
    • Battery
    • Charging
    • China
    • Commercial vehicles
    • Concept
    • Green Energy
    • Hybrids
    • Industry
    • Market Outlook
    • Modification
    • Motorcycles
    • Official
    • Politics
    • Rumors
    • Safety
    • Sales
    • Technology
  • Brand
    • Audi
    • BMW
    • BYD
    • Chevrolet
    • Chrysler
    • Citroen
    • Dacia
    • Daihatsu
    • Ford
    • Geely
    • Honda
    • Huawei
    • Hyundai
    • Kawasaki
    • KIA
    • Lexus
    • Lotus
    • Lucid
    • Mazda
    • Mercedes-Benz
    • Mitsubishi
    • NIO
    • Nissan
    • Polestar
    • Porsche
    • Renault
    • Rivian
    • Rolls-Royce
    • Sony
    • Subaru
    • Suzuki
    • Tesla
    • Toyota
    • VinFast
    • Volkswagen
    • Volvo
    • Wuling
    • XPeng
  • Guides
  • Sports
    • Formula E
    • MotoE
    • Rally1
  • Photos
  • Videos

© 2022 EVMagz - Electric Vehicles magazine by EVmagz.

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT
Hey Friend! Get the latest electric vehicles news straight into your inbox!

Don't worry, we don't spam

Close this popup