Nikola Corp. Sees Stock Rise After Wholesaling Hydrogen-Fuel-Cell Trucks to New Customers
Key Ideas
- Nikola Corp. stock rose 3.2% after wholesaling 72 Class 8 hydrogen-fuel-cell trucks in Q2, exceeding guidance.
- New customers like Walmart Canada were added, showcasing continued momentum and growth for the company.
- Despite previous struggles, Nikola remains focused on securing its position in the zero-emissions Class 8 truck market in North America.
- The company's stock had fallen significantly in the year but rebounded slightly with this positive news.
Nikola Corp. experienced a 3.2% increase in its stock value following the wholesale of 72 Class 8 hydrogen-fuel-cell trucks in the second quarter, surpassing the company's own guidance of 60 units. The addition of new customers, such as Walmart Canada, contributed to this success. CEO Steve Girsky expressed satisfaction with the company's momentum and the acquisition of customers like 4GEN and IMC. Despite facing challenges after disappointing first-quarter results, including a revenue below expectations, Nikola Corp. is optimistic about its future in the North American zero-emissions Class 8 truck market. The company also highlighted its HYLA hydrogen refueling solutions as part of its commitment to sustainable transport. Although Nikola Corp.'s stock had previously hit record lows and undergone a reverse stock split in June, this recent positive development signifies a potential turnaround for the company amid a tough year for its stock performance.