Fuel Cell Vehicles

Fuel Cell Vehicles Market Outlook

The global fuel cell vehicles market is anticipated to reach USD 35 billion by 2035, growing at a CAGR of 25% during the forecast period from 2025 to 2035. The increasing emphasis on reducing greenhouse gas emissions and the growing demand for environmentally friendly transportation solutions are propelling this market's growth. Furthermore, governmental policies and incentives favoring hydrogen fuel cell technologies are helping to stimulate investments in research and development, thus enhancing the growth of this sector. The rising awareness among consumers regarding sustainable energy solutions and advancements in fuel cell technologies are also significant contributors to the market's expansion. As countries continue to embrace renewable energy sources, the fuel cell vehicle market is expected to witness robust growth fueled by innovation and public acceptance.

Growth Factor of the Market

One of the primary growth factors driving the fuel cell vehicles market is the global push towards sustainable energy solutions. Governments across various countries are implementing stringent regulations aimed at reducing carbon emissions, which is leading to increased investments in hydrogen fuel cell technologies. In addition to regulatory support, the growing infrastructure development for hydrogen refueling stations is significantly enhancing the accessibility and convenience of fuel cell vehicles. Furthermore, continuous technological advancements, such as improvements in fuel cell efficiency and vehicle range, are making these vehicles more appealing to consumers. Additionally, advancements in hydrogen production methods, especially green hydrogen production from renewable sources, are further contributing to the market's expansion. The combination of consumer demand for cleaner technologies and substantial investments from both public and private sectors is creating a robust environment for the growth of fuel cell vehicles.

Key Highlights of the Market

• The global fuel cell vehicles market is projected to reach USD 35 billion by 2035.
• Passenger vehicles segment dominates the market due to increasing consumer preference for zero-emission vehicles.
• Hydrogen fuel type is expected to hold the largest share owing to its wide applicability and efficiency.
• Asia Pacific is anticipated to be the fastest-growing region, driven by significant government initiatives in countries like Japan and South Korea.
• Logistics is emerging as a strong end-user segment due to the demand for efficient and sustainable transportation solutions.

By Vehicle Type

Passenger Vehicles:

The passenger vehicles segment is a significant contributor to the fuel cell vehicles market due to an increasing consumer demand for zero-emission transportation options. As governments around the globe enforce stricter emissions regulations, automakers are turning to hydrogen fuel cell technology as a viable solution to meet these standards. The advantages of fuel cell vehicles, such as longer ranges and quicker refueling times compared to battery electric vehicles, are making them an attractive option for consumers. Major automotive manufacturers are investing heavily in this segment, leading to the development of various hydrogen-powered models that cater to a diverse range of consumer preferences. Additionally, the growing consumer awareness of climate change issues is further driving the demand for cleaner alternatives, solidifying the passenger vehicles segment's position in the fuel cell market.

Commercial Vehicles:

The commercial vehicles segment is witnessing a surge in adoption of fuel cell technologies due to the need for sustainable logistics solutions. Companies are increasingly recognizing the benefits of fuel cell vehicles, particularly in terms of their operational efficiency and reduced emissions. Hydrogen fuel cells provide commercial fleets with the ability to transport goods over long distances with shorter refueling times compared to conventional battery systems. This advantage is particularly crucial in industries such as freight and logistics, where time and efficiency are of utmost importance. As more businesses commit to sustainability goals, the demand for fuel cell-powered trucks and buses is expected to grow markedly, positioning the commercial vehicles segment as a cornerstone of the fuel cell vehicles market.

Two-Wheelers:

The two-wheelers segment is emerging as an innovative frontier in the fuel cell vehicles market. With urban areas facing increasing congestion and pollution, hydrogen fuel cell scooters and motorcycles offer a promising solution to enhance mobility while minimizing environmental impact. These vehicles provide an efficient alternative to traditional fossil-fuel-powered two-wheelers, promising longer ranges and zero tailpipe emissions. As countries explore cleaner urban transport options, several manufacturers are entering the market with hydrogen-powered two-wheelers, catering to both individual consumers and delivery services. The growth in this segment is poised to accelerate as more cities implement policies aimed at reducing vehicle emissions and promoting alternative modes of transportation.

Others:

The "Others" category includes niche applications such as specialized vehicles used in agriculture, construction, and recreational activities. This segment is gaining traction as businesses seek to leverage fuel cell technology for its efficiency and sustainability. For instance, hydrogen fuel cell forklifts are becoming increasingly popular in warehouses and logistics centers, providing a clean alternative to traditional battery-powered options. Additionally, the versatility of fuel cell technology allows it to be adapted for various specialized vehicles, enabling unique applications that enhance operational efficiency. As awareness about the benefits of hydrogen fuel cell technology spreads, this segment is expected to experience growth as more industries recognize the potential advantages.

By Fuel Type

Hydrogen:

Hydrogen is the dominant fuel type in the fuel cell vehicles market, providing a high energy density and offering a clean energy solution for transportation. The abundance of hydrogen coupled with advancements in production methods, especially green hydrogen, is making it increasingly accessible for fuel cell applications. Hydrogen fuel cells operate efficiently, producing only water vapor as a byproduct, making them an ideal choice for environmentally conscious consumers. The growing infrastructure for hydrogen refueling stations is supporting the adoption of hydrogen fuel cell vehicles, allowing drivers to fuel up conveniently. Furthermore, major automotive manufacturers are prioritizing hydrogen technology in their strategies, resulting in an expanding market for hydrogen-fueled vehicles across various segments.

Methanol:

Methanol is emerging as a promising alternative fuel for fuel cell vehicles due to its advantages in terms of storage and distribution. Compared to hydrogen, methanol can be stored and transported more easily, making it an attractive option for certain applications. Methanol fuel cells produce less carbon emissions than conventional gasoline engines, contributing to cleaner air and reduced carbon footprints. As research and development efforts progress, methanol fuel cells are gaining traction in the automotive industry, particularly among manufacturers looking for supplementary technologies to hydrogen. The potential of methanol in the fuel cell vehicles market is expected to increase as more stakeholders recognize its viability for both passenger and commercial applications.

Natural Gas:

Natural gas is recognized for its role as a transitional fuel in the move toward sustainable energy sources. In the context of fuel cell vehicles, natural gas can be used to produce hydrogen through reforming processes. It serves as a bridge between traditional fossil fuels and the adoption of pure hydrogen technologies. Natural gas fuel cell vehicles are increasingly being used in fleet operations, where lower emissions and operational efficiencies are highly valued. As natural gas infrastructure is more prevalent than hydrogen refueling stations in some regions, this fuel type offers a practical path for companies transitioning to cleaner technologies. The integration of natural gas with fuel cell technology is likely to support the market as stakeholders work toward long-term sustainability goals.

By User

Transportation:

The transportation sector is the largest end-user of fuel cell vehicles, driven by the ongoing transition to cleaner mobility solutions. Automakers are investing heavily in hydrogen fuel cell technology to meet growing consumer demand for zero-emission vehicles. The transportation segment encompasses passenger cars, buses, and commercial vehicles, all of which are increasingly adopting fuel cell technology to reduce their carbon footprints. Additionally, urban centers are implementing stricter emissions regulations, prompting fleet operators to explore fuel cell options. The potential for fuel cell vehicles to operate efficiently in logistics and public transport applications further underscores their importance in the transportation sector, positioning this segment as a key driver of market growth.

Logistics:

The logistics sector is increasingly adopting fuel cell technology to enhance efficiency and sustainability in transportation. Fuel cell vehicles offer significant advantages for logistics operations, particularly in terms of longer ranges and faster refueling times compared to battery electric vehicles. Companies are exploring hydrogen-powered trucks and delivery vehicles as a practical solution for reducing emissions while maintaining operational efficiency. The growing emphasis on green logistics is prompting logistics companies to invest in fuel cell technology to align with sustainability objectives and meet customer demand for cleaner delivery options. As the logistics sector seeks to reduce its environmental impact, the adoption of fuel cell vehicles is expected to accelerate, solidifying its role as a prominent end-user in the market.

Utilities:

The utilities sector is recognizing the potential of fuel cell technology to provide reliable and clean power solutions. Fuel cells can be an effective way to generate electricity on-site for utilities, reducing reliance on traditional energy sources and contributing to decarbonization efforts. Many utilities are exploring the use of fuel cell vehicles for maintenance and support operations, as these vehicles can operate without polluting the environment. As the focus on renewable energy increases, utilities are also investing in hydrogen production technologies that leverage excess renewable energy for fuel cell applications. The integration of fuel cell technology within the utilities sector is expected to evolve as companies seek to innovate and enhance their sustainability efforts.

Others:

The "Others" category encompasses various sectors that utilize fuel cell vehicles for specific applications, such as mining, construction, and government operations. These industries are adopting fuel cell technology as a means to enhance operational efficiency while reducing emissions. For instance, specialized fuel cell vehicles are being employed in mining operations to transport materials without contributing to air pollution. Furthermore, government agencies are exploring fuel cell vehicles for public service applications, promoting clean transportation solutions. As diverse sectors recognize the benefits of fuel cell technology, this category is expected to expand, driven by the demand for cleaner and more efficient vehicles across different industries.

By Application

On-Road Vehicles:

On-road vehicles constitute the most prominent application of fuel cell technology, encompassing passenger cars, buses, and delivery vans. The increasing focus on achieving zero-emission transportation is driving substantial investment in hydrogen fuel cell technologies for on-road applications. These vehicles are particularly advantageous for urban environments where air quality issues are prevalent, as fuel cells produce only water vapor as emissions. Furthermore, ongoing advancements in fuel cell efficiency and vehicle design are enhancing the performance and appeal of on-road fuel cell vehicles. As manufacturers ramp up the production of hydrogen-powered cars and public transportation systems transition to cleaner options, the on-road vehicles application is poised for significant growth.

Off-Road Vehicles:

The off-road vehicles segment is gaining traction as industries such as construction, agriculture, and mining explore hydrogen fuel cell technology as a cleaner alternative. Off-road fuel cell vehicles, including forklifts and construction machinery, offer operational efficiencies and reduced emissions compared to traditional diesel-powered equipment. The demand for sustainable practices in various industries is propelling the adoption of fuel cell technology, especially in applications where emissions reductions are becoming critical. As companies strive to meet environmental regulations and enhance sustainability efforts, the off-road vehicles segment is expected to expand, providing an opportunity for fuel cell manufacturers to innovate and cater to niche applications.

UAVs:

Unmanned Aerial Vehicles (UAVs) represent a unique and growing application for fuel cell technology, leveraging the benefits of hydrogen fuel cells to extend flight times while minimizing environmental impact. Hydrogen fuel cells can provide UAVs with longer ranges compared to battery power, making them suitable for various applications, including agriculture, surveillance, and delivery services. As the demand for UAV technology increases, the integration of fuel cell systems is becoming more prominent, enabling enhanced performance characteristics and operational capabilities. The growing interest in drone technology for commercial and industrial purposes is expected to fuel the adoption of fuel cell-powered UAVs, positioning this application as a significant growth area for the fuel cell vehicles market.

By Region

The North American region is currently a dominant player in the fuel cell vehicles market, driven by significant investments from both private and public sectors. The United States, in particular, is home to several key manufacturers and a growing network of hydrogen refueling stations. The supportive regulatory framework and increasing consumer interest in sustainable mobility solutions are propelling market growth in this region. North America is expected to maintain a substantial market share due to advancements in fuel cell technologies and increasing collaborations among industry stakeholders. The market is projected to grow at a CAGR of 23% over the next decade, reflecting the active engagement of companies in this sector and a robust consumer base eager for cleaner alternatives.

In Europe, the fuel cell vehicles market is also expanding rapidly, with governments pushing for ambitious emissions reduction targets. Countries such as Germany, France, and the United Kingdom are leading the charge in adopting hydrogen fuel cell technologies for both passenger and commercial applications. European automakers are heavily investing in the development of new hydrogen vehicles, supported by strong governmental policies that promote green technologies. The region’s commitment to achieving carbon neutrality by 2050 is expected to further accelerate market growth, with projections showing a market size nearing USD 12 billion by 2035. The collaboration among automotive manufacturers, energy suppliers, and stakeholders in the establishment of hydrogen infrastructure underscores the increasing importance of the European market in the global fuel cell vehicles landscape.

Opportunities

The fuel cell vehicles market presents numerous opportunities as the global focus on sustainable energy intensifies. One significant opportunity lies in the development of hydrogen refueling infrastructure. As the number of fuel cell vehicles on the road increases, the demand for accessible and efficient refueling stations will grow concurrently. Investments in infrastructure development can lead to the establishment of a comprehensive network that supports fuel cell vehicle adoption across urban and rural landscapes. Additionally, partnerships between automotive manufacturers and energy companies can enhance the availability of hydrogen fuel, making it a more viable option for consumers. The potential for green hydrogen production, derived from renewable energy sources, further amplifies the opportunity for sustainable fuel cell vehicles, fulfilling the industry's commitment to environmental stewardship.

Another promising opportunity lies within the logistics and freight sectors, where fuel cell vehicles can significantly enhance operational efficiency. Companies are increasingly seeking innovative ways to meet sustainability goals while maintaining cost-effectiveness. The implementation of fuel cell-powered trucks and delivery vehicles can provide substantial reductions in emissions and fuel costs, making them attractive options for logistics operators. Moreover, the integration of fuel cells into public transportation systems, such as buses, presents a significant opportunity to improve urban air quality and reduce congestion. As cities prioritize cleaner transport solutions, fuel cell vehicles can become essential components in public fleet strategies, enhancing their relevance in future urban mobility plans.

Threats

The fuel cell vehicles market faces several threats that could hinder its growth. One major concern is the high cost associated with fuel cell technology, which can limit its widespread adoption. The production of fuel cells involves complex manufacturing processes and expensive materials, such as platinum, which can discourage manufacturers from pursuing fuel cell vehicle development. Additionally, the limited availability of hydrogen refueling infrastructure remains a significant barrier. Consumers may be hesitant to invest in fuel cell vehicles without the assurance of convenient refueling options, leading to a slower acceptance of the technology. Furthermore, competition from battery electric vehicles, which are becoming increasingly affordable and accessible, poses a threat to the fuel cell market's growth prospects.

Regulatory changes also represent a significant threat to the fuel cell vehicles market. As governments implement new policies aimed at reducing emissions and promoting electric vehicles, the focus may shift toward battery technologies rather than hydrogen solutions. This could divert funding and support away from fuel cell initiatives, stalling innovation and development in the sector. Additionally, public perception and understanding of hydrogen technology may present a challenge, as misconceptions regarding safety and efficiency linger. Overcoming these barriers will be critical for the fuel cell vehicles market to establish a solid foothold in the broader automotive landscape.

Competitor Outlook

• Toyota Motor Corporation
• Honda Motor Co., Ltd.
• Hyundai Motor Company
• Ballard Power Systems Inc.
• Plug Power Inc.
• FuelCell Energy, Inc.
• Mercedes-Benz AG
• BMW AG
• Nissan Motor Corporation
• General Motors Company
• Rivian Automotive, Inc.
• Rosenbauer International AG
• ITM Power PLC
• Zero Motorcycles, Inc.
• Nikola Corporation

The competitive landscape of the fuel cell vehicles market is marked by the presence of key global players who are heavily investing in research and development to advance hydrogen technology. Companies such as Toyota and Honda are at the forefront of fuel cell vehicle innovation, with their established experience in automotive manufacturing and commitment to sustainability. Toyota's Mirai has gained recognition as one of the pioneering hydrogen fuel cell vehicles, while Honda's Clarity series represents an extensive commitment to hydrogen technology. Additionally, Hyundai has made significant strides in fuel cell technology with its NEXO model, actively participating in the expansion of hydrogen infrastructure across regions. These leading manufacturers are not only competing in terms of product offerings but are also collaborating with governments, energy providers, and technology firms to bolster hydrogen adoption.

Ballard Power Systems and Plug Power are recognized for their focus on fuel cell technology development, primarily in the commercial and industrial sectors. These companies provide fuel cell solutions for a variety of applications, including public transportation, logistics, and material handling vehicles. Their expertise in fuel cell systems positions them strategically to capture market share in the burgeoning fuel cell sector. Additionally, FuelCell Energy is leveraging its technology to provide stationary fuel cells that enable cleaner energy generation, expanding its offerings beyond vehicles to encompass power generation solutions. As the market matures, these companies are expected to play significant roles in shaping the future of fuel cells in various applications.

As the fuel cell vehicles market continues to evolve, emerging players such as Nikola Corporation and Rivian Automotive are entering the space with innovative business models and unique approaches to hydrogen technology. Nikola Corporation's focus on hydrogen-powered trucks aims to disrupt the logistics industry, while Rivian is exploring hydrogen applications in recreational vehicles, showcasing the versatility of fuel cell technology. The competitive dynamics within the fuel cell vehicles market are likely to intensify as companies strive to differentiate themselves through technological advancements, sustainable practices, and strategic partnerships. With a growing emphasis on reducing carbon footprints, the collaboration among traditional automotive manufacturers and technology firms will be crucial in fostering innovation and driving the widespread adoption of fuel cell vehicles.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 BMW AG
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 ITM Power PLC
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 Plug Power Inc.
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 Mercedes-Benz AG
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 Nikola Corporation
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 FuelCell Energy, Inc.
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 Honda Motor Co., Ltd.
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 Hyundai Motor Company
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 General Motors Company
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 Zero Motorcycles, Inc.
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 Rivian Automotive, Inc.
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 Nissan Motor Corporation
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 Toyota Motor Corporation
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 Ballard Power Systems Inc.
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 Rosenbauer International AG
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Fuel Cell Vehicles Market, By User
    • 6.1.1 Transportation
    • 6.1.2 Logistics
    • 6.1.3 Utilities
    • 6.1.4 Others
  • 6.2 Fuel Cell Vehicles Market, By Fuel Type
    • 6.2.1 Hydrogen
    • 6.2.2 Methanol
    • 6.2.3 Natural Gas
  • 6.3 Fuel Cell Vehicles Market, By Application
    • 6.3.1 On-Road Vehicles
    • 6.3.2 Off-Road Vehicles
    • 6.3.3 UAVs
  • 6.4 Fuel Cell Vehicles Market, By Vehicle Type
    • 6.4.1 Passenger Vehicles
    • 6.4.2 Commercial Vehicles
    • 6.4.3 Two-Wheelers
    • 6.4.4 Others

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Latin America - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 Brazil
      • 10.3.1.2 Argentina
      • 10.3.1.3 Mexico
  • 10.4 North America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 USA
      • 10.4.1.2 Canada
  • 10.5 Fuel Cell Vehicles Market by Region
  • 10.6 Middle East & Africa - Market Analysis
    • 10.6.1 By Country
      • 10.6.1.1 Middle East
      • 10.6.1.2 Africa

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Fuel Cell Vehicles market is categorized based on

By Vehicle Type

• Passenger Vehicles
• Commercial Vehicles
• Two-Wheelers
• Others

By Fuel Type

• Hydrogen
• Methanol
• Natural Gas

By User

• Transportation
• Logistics
• Utilities
• Others

By Application

• On-Road Vehicles
• Off-Road Vehicles
• UAVs

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Players

• Toyota Motor Corporation
• Honda Motor Co., Ltd.
• Hyundai Motor Company
• Ballard Power Systems Inc.
• Plug Power Inc.
• FuelCell Energy, Inc.
• Mercedes-Benz AG
• BMW AG
• Nissan Motor Corporation
• General Motors Company
• Rivian Automotive, Inc.
• Rosenbauer International AG
• ITM Power PLC
• Zero Motorcycles, Inc.
• Nikola Corporation