Nikola taking $5,000 deposits on electric pickup trucks that don’t exist yet

Shares of Nikola surged more than 6% during Monday's trading session on the announcement

Nikola Motors is taking deposits for its Badger pickup truck, a new hydrogen fuel-cell electric vehicle that doesn't even exist yet.

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Deposits start at $250 for its Instinct package, which includes $500 off the Badger's purchase price, a single ticket to the annual Nikola World event and a single entry to win the pickup, according to the company's websiteNikola's $1,000 Predator package offers $2,000 off the purchase price, two tickets to the event and five entries to win the pickup. The $5,000 Honey package offers 10,000 off the purchase price, two VIP backstage passes to see the Badger up close at Nikola World and 25 entries to win the pickup.

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Nikola CEO Trevor Milton says the deposits are completely refundable.

"Unlike our competitors, we don't use your money to fund our development. @nikolamotor is guaranteeing and vouching to leave your paid deposits for all vehicles in an account and not consume the funds," Milton tweeted. "You have a guaranteed ability to get your deposits back until you choose your final colors, specs and your truck enters the assembly line. Without penalty. Now let's see our competitors agree to that as well. Who's solid, who's not. Nikola is solid."

The Badger will be unveiled at Nikola World during the first week of December.

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The vehicle only exists in renders and is being made to compete with Tesla's Cybertruck, according to a report by Electrek.

Before Tesla unveiled the Cybertruck last year, Milton reportedly tweeted renders of the Badger and sarcastically suggested that Elon Musk-led Tesla could use them for the Cybertruck.

“We were not planning on it if he built a good looking truck," he said, according to Electrek. "I was waiting to be first on the list, but I would never buy a Cybertruck. The Badger is what I was hoping Tesla would build design wise. So if he won’t, I will. Now our interest is sky high and why wouldn’t I?”

Nikola Badger (Courtesy of Nikola Motor)

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According to the company, the powertrain has 906 horsepower and 980 lb-ft of torque, includes up to 600 miles of range and can go up to 60 miles per hour in 2.9 seconds. The truck's full cost ranges between $60,000 and $90,000.

Milton told FOX Business that the Badger will also have waterproof displays and a customizable backseat for additional cargo as well as a built-in drinking fountain that filters the water from the fuel-cell power source.

TickerSecurityLastChangeChange %
NKLANIKOLA53.14-0.81-1.50%
TSLATESLA INC.1,516.80+19.74+1.32%

Nikola stock closed at $67.57 during Monday's trading session, surging more than 6 percent on the announcement.

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