Nikola beats hydrogen big rig delivery estimates
The company sets ambitious target of 350 for 2024
Bengaluru — Nikola surpassed estimates for deliveries of its hydrogen big rigs in the first quarter, a sign it was making progress in its pivot to the technology from battery electric trucks after some missteps that battered its share price.
The electric truck maker said on Thursday it has delivered 40 vehicles in the first quarter, compared with the 30 units estimated by a consensus of four analysts polled by Visible Alpha.
The company produced 43 trucks in the three months to March 31 and said the remaining hydrogen big rigs in its inventory at the end of the quarter were set for delivery in early April.
Nikola in February set a target to deliver as many as 350 hydrogen-powered fuel cell electric trucks in 2024 and said it had delivered 35 units in the fourth quarter.
The company had said it would return all battery-powered trucks to customers by early third quarter after resolving an issue that caused coolant leaks in the battery pack leading to fires.
It had also said it was on track to return its first reworked battery electric trucks to customers by the end of the first quarter.
The shares were 8% higher in premarket trading, after having lost more than 90% of their value since going public in 2020.
Reuters