Nikola Corp announced the delivery of the first production hydrogen fuel cell truck in North America during the fourth quarter, reaffirming its commitment to zero-emissions mobility solutions. The company also stated it remains on track to deliver the first reworked battery electric trucks back to customers by the end of the first quarter.
Nikola’s president and CEO, Steve Girsky, stated, “Today weāre sharing what weāve accomplished and how we are providing fully integrated zero-emissions mobility solutions to fleets right now.”
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In its fourth-quarter and full-year 2023 results, Nikola highlighted several milestones. The company delivered what it believes to be the first production Class 8 hydrogen fuel cell truck in North America, demonstrating its capability to design, build, and deliver such trucks.
Nikola produced 42 hydrogen trucks, delivering 35 to dealers and reserving seven for testing and fleet demos. Supply chain issues limited deliveries, with Girsky noting that more trucks could have been delivered otherwise.
Customers of the hydrogen fuel trucks include Biagi Bros, IMC Logistics, 4Gen/Duncan and Sons Lines, Alberta Motor Transport, and Coyote Container.
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Nikola secured 99.9% of the hydrogen fuel truck HVIP vouchers in California in 2023 and through January 2024. Coyote Containers completed an 866-mile round trip from the Port of Oakland to the Port of Long Beach, refueling once at the HYLA Ontario station.
Following the recall of all Tre BEV trucks last summer, Nikola is set to deliver the first reworked electric trucks equipped with new battery packs by the end of the first quarter. All trucks are expected to be returned to users by the end of the second quarter or early third quarter.
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Once all BEV trucks are returned, Nikola plans to retrofit the rest of the inventory to sell them by the end of 2024.
Nikola reported a revenue increase in Q4 ($11.5M vs $5.5M) but a decrease in 2023 ($35.8M) compared to 2022 ($49.7M). Net losses were lower in Q4 ($153.6M vs $222M) but widened from 2022, with a $966M net loss in 2023. Gross margins also fell to (597%) from (173%) in 2022 as the company aims to overcome the recall.
