EV maker Nikola beats first-quarter deliveries estimates for hydrogen trucks

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 upbeat delivery figures come at a time when the EV industry is facing challenges from waning demand as high interest rates to curb inflation pressure consumers' spending budgets, compelling them to opt for cheaper hybrid vehicles.

Nikola 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.

"We anticipate further sales growth in future quarters as our HYLA hydrogen fueling solutions come online," said CEO Steve Girsky.

The company opened two refueling stations for its hydrogen trucks, one in California and the other in Alberta, Canada, in March.

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.

Shares of the company were trading 10% higher, after having lost more than 90% of their value since going public in 2020.

Nikola faced a tumultuous 2023 after the company's founder, Trevor Milton, was sentenced to four years in prison after a jury found him guilty of fraud.

The company in August 2023 had to recall all of its battery-powered trucks it delivered to customers after investigations found a coolant leak inside a battery pack causing fires in its vehicles.

Nikola said in February this year it would return all re-worked battery-powered trucks to customers by early third quarter.

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