Nikola announced on Wednesday that its wholesale deliveries of hydrogen-powered electric trucks rose by 22% in the third quarter compared to the previous three-month period, highlighting sustained demand for its Class 8 trucks.
The company delivered 88 hydrogen fuel cell trucks to dealers during this quarter, aligning with its expectations of delivering between 80 to 100 units. However, this figure represents a slowdown from the 80% sequential increase in deliveries observed in the second quarter.
In early trading, Nikola’s shares surged by 9.5%. Despite this increase, the stock has plummeted over 82% year-to-date, impacted by sluggish growth in the broader electric vehicle (EV) market driven by softer consumer demand.
Based in Phoenix, Arizona, Nikola reported delivering a total of 200 hydrogen fuel-cell trucks to dealers this year, maintaining its target for full-year deliveries between 300 to 350 trucks. Since the truck’s launch in the fourth quarter of 2023, the company has sold a cumulative total of 235 units.
The company is witnessing an uptick in orders from new customers for its hydrogen-powered trucks, aiding its shift away from battery-powered vehicles.
Nikola recalled all its battery-powered trucks in 2023 due to incidents involving fires caused by coolant leaks. The company has stated it remains on track to complete the rollout of its revamped battery-electric trucks by the end of the year.
