Nikola's Hydrogen Truck Deliveries Rise in Q3, Stock Jumps
Key Ideas
- Nikola's wholesale deliveries of hydrogen-powered electric trucks increased by 22% in Q3, delivering 88 Class 8 trucks to dealers.
- Shares of Nikola surged by 9.5% in early trading as the company reported steady demand for its hydrogen big rigs.
- Despite a stock decline of over 82% this year, Nikola remains optimistic with plans to deliver 300 to 350 hydrogen fuel-cell trucks by year-end.
- Nikola has shifted focus to hydrogen-powered trucks after recalling all battery-powered vehicles due to safety concerns in 2023.
Nikola Corporation announced a 22% increase in its wholesale deliveries of hydrogen-powered electric trucks in the third quarter of the year, indicating a positive trend in demand for its big rigs. The company delivered 88 Class 8 hydrogen fuel cell trucks to dealers, falling within its projected range of 80 to 100 units. This rise in deliveries led to a 9.5% jump in Nikola's stock price during early trading. Despite facing an 82% decline in its stock value throughout the year due to challenges in the EV industry, Nikola remains optimistic about its future. The company has successfully delivered 200 hydrogen fuel-cell trucks to dealers in 2023 and is working towards achieving its full-year target of 300 to 350 trucks. Nikola has experienced increased customer interest in its hydrogen-powered trucks, prompting a shift away from battery-powered vehicles. The company aims to complete the rollout of its revamped battery-electric trucks by the end of the year. In the second quarter, Nikola surpassed Wall Street revenue estimates and reported a smaller loss than expected, demonstrating signs of progress and stability in its operations.