Nikola, based in Phoenix, Arizona, reported a 22% increase in wholesale deliveries of hydrogen-powered electric trucks in the third quarter of 2024 compared to the previous quarter. The company delivered 88 Class 8 hydrogen fuel cell trucks, aligning with its expected range of 80 to 100 units. Despite this growth, the increase was slower than the 80% surge in deliveries seen in the second quarter. Overall, Nikola has delivered 200 hydrogen fuel-cell trucks to dealers this year, with a target of reaching 300 to 350 trucks by year-end. The company has sold a total of 235 units since the truck's launch in the fourth quarter of 2023. Nikola's stock rose by 9.5% in early trading post-announcement, showcasing positive investor sentiment. Despite a challenging year with an 82% stock decline, Nikola is benefiting from new customer orders for its hydrogen trucks, marking a strategic shift away from battery-powered vehicles. The company had faced issues in 2023 when it recalled all its battery-electric trucks due to fires caused by a coolant leak. Nikola aims to complete the rollout of its revamped battery-electric trucks by the end of the year. In August, the company outperformed Wall Street revenue estimates and reported a smaller-than-expected loss, indicating some positive momentum in the midst of industry challenges. The EV maker is navigating the softer consumer demand in the EV industry and is aiming to strengthen its position in the market with its hydrogen-powered offerings.