Nikola’s Q3 Performance

(Reuters) – Nikola’s wholesale deliveries of hydrogen-powered electric trucks jumped 22% in the third quarter from the previous three-month period, the company said on Wednesday, signaling steady demand for its big rigs.

Deliveries and Expectations

The EV maker delivered 88 Class 8 hydrogen fuel cell trucks to dealers in the quarter, in line with its expectations of selling 80 to 100 units. However, this figure lagged the 80% sequential surge in deliveries reported in the second quarter.

Stock Performance

Shares of Nikola (NASDAQ:NKLA) jumped 9.5% in early trading. The stock has slumped more than 82% so far this year, as of the last close, facing challenges from weak growth in the EV industry due to softer consumer demand.

Year-to-Date Deliveries

The Phoenix, Arizona-based company also stated it has delivered 200 hydrogen fuel-cell trucks to dealers so far this year. It had set a target for full-year deliveries of 300 to 350 trucks. Nikola has sold a total of 235 units since the truck went on sale in the fourth quarter of 2023.

New Customers and Shift in Strategy

The company benefits from new customers placing orders for its hydrogen-powered trucks, aiding its pivot away from battery-powered vehicles, all of which were recalled in 2023 due to fires caused by a coolant leak.

Future Outlook

Nikola previously stated it was on track to complete the rollout of all revamped battery-electric trucks by the end of the year. In August, the company exceeded Wall Street estimates for second-quarter revenue and recorded a smaller-than-expected loss.