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Nikola, Corcentric Ink Deal To Boost Zero-emission Vehicle Sales Financing

Nikola Corp. (NKLA), a maker of heavy-duty commercial battery-electric vehicles, and Corcentric Fleet Funding Solutions, a provider of leasing and financing solutions, jointly announced on Thursday that they have signed a deal to facilitate sales of Class 8 Nikola Tre battery-electric vehicles or BEVs, and Nikola Tre hydrogen fuel cell electric vehicles or FCEVs, to push zero-emission vehicle sales financing.

According to the terms of the agreement, Corcentric will purchase vehicles and related assets directly from Nikola to offer Nikola customers a bundled lease that provides Nikola trucks and related equipment, as well as fuel and maintenance, in a single agreement.

The new partnership is expected to allow Nikola to reach more customers by offering solutions to those who otherwise may not have access to financing options.

Nikola Chief Financial Officer, Kim Brady, commented: "The agreement will provide Corcentric a launching point to expand its offerings into the electric vehicle space. Together we expect to provide funding resources, multiple options to tailor leases to customer needs, and best-in-class customer care for fleet customers and owner/operators."

Initial deliveries of the Nikola Tre BEVs began in late 2021, whereas the Nikola Tre FCEV deliveries are anticipated in 2023.

Corcentric started financing truck fleets since 1996, with over 20,000 assets financed over the past 10 years.

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