NIKOLA RECORDS SALES OF 88 HYDROGEN-POWERED CLASS 8 TRUCKS FOR NORTH AMERICAN CUSTOMERS IN Q3 2024; 200 TOTAL SOLD THIS YEAR

Rhea-AI Summary

Nikola (Nasdaq: NKLA) reported wholesaling 88 Class 8 hydrogen fuel cell electric trucks in Q3 2024, meeting its guidance of 80-100 units for the quarter. The company has sold 200 hydrogen fuel cell trucks in the first three quarters of 2024, and 235 total since the product launch in Q4 2023.

CEO Steve Girsky highlighted this as a record sales quarter for Nikola, noting the addition of the first U.S. dealer-based HYLA modular refueling station. Despite market challenges, Nikola remains committed to its zero-emission mission. All Nikola trucks are assembled in Coolidge, Arizona. The company has not yet completed its Q3 2024 financial review process.

Positive

• Achieved Q3 2024 truck sales guidance with 88 units sold
• Record sales quarter for hydrogen fuel cell electric trucks
• 200 hydrogen fuel cell trucks sold in the first three quarters of 2024
• 235 total hydrogen fuel cell trucks sold since Q4 2023 launch
• Addition of first U.S. dealer-based HYLA modular refueling station

Negative

• Facing overall market headwinds

Insights

Financial Analyst

Nikola's Q3 2024 performance shows promising signs for the hydrogen fuel cell truck market. With 88 hydrogen-powered Class 8 trucks sold, meeting their guidance of 80-100 units, the company demonstrates steady progress in a challenging sector. The total of 200 trucks sold year-to-date indicates growing adoption of zero-emission heavy-duty vehicles.

However, investors should note that while these numbers represent growth, Nikola's $235 million market cap suggests the company is still in its early stages. The lack of financial details in this release makes it difficult to assess profitability or revenue impact. The addition of a dealer-based HYLA refueling station is a positive step towards building necessary infrastructure, which could be a key differentiator in the competitive electric vehicle market.

Investors should watch for the full Q3 financial report to evaluate Nikola's cash position, production costs and path to profitability. The company's ability to scale production and expand its refueling network will be important for long-term success in the evolving clean transportation industry.

Environmental Technology Expert

Nikola's progress in hydrogen fuel cell electric trucks is significant for the clean energy transportation sector. The sale of 88 Class 8 trucks in Q3 and 200 year-to-date demonstrates growing market acceptance of hydrogen as a viable alternative to diesel for long-haul trucking. This adoption rate is encouraging, considering the nascent state of hydrogen infrastructure.

The introduction of the first U.S. dealer-based HYLA modular refueling station is a important development. Expanding refueling infrastructure is essential for widespread adoption of hydrogen vehicles. This move could accelerate the hydrogen economy, potentially creating a network effect that benefits Nikola and the entire sector.

However, challenges remain. The overall market headwinds mentioned suggest that the transition to zero-emission trucking still faces obstacles. Nikola's success will depend on continued technological improvements, cost reductions and policy support to make hydrogen fuel cell trucks economically competitive with traditional diesel vehicles.

PHOENIX, Oct. 2, 2024 /PRNewswire/ -- For Q3 2024, Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, wholesaled 88 Class 8 Nikola hydrogen fuel cell electric trucks, firmly within truck sales guidance of between 80 and 100 fuel cell units for the quarter.

For the first three quarters of 2024, Nikola wholesaled 200 hydrogen fuel cell trucks, and 235 total since the truck went on sale in Q4 of last year.

"This is a record sales quarter for Nikola, with 88 hydrogen fuel cell electric trucks wholesaled to our dealers for end customers, as well as the addition of a first-ever U.S. dealer-based HYLA modular refueling station," said Nikola CEO Steve Girsky. "Despite overall market headwinds, Nikola remains focused on our mission to pioneer solutions for a zero-emission world, and we're doing it one truck at a time."

All Nikola trucks are assembled in Coolidge, Ariz.

NOTE: Nikola has not completed its quarterly review process or the preparation of its financial statements for the third quarter ended September 30, 2024.

ABOUT NIKOLA CORPORATION
Nikola Corporation's mission is clear: pioneering solutions for a zero-emissions world. As an integrated truck and energy company, Nikola is transforming transportation and over-the-road freight services. With our Class 8 vehicles, including battery-electric (BEV) and hydrogen fuel cell electric trucks (FCEV), and our energy brand, HYLA, we are driving the advancement of the complete hydrogen refueling ecosystem. This encompasses supply, distribution, and dispensing, reflecting our commitment to sustainable practices and a cleaner future.

Nikola is based in Phoenix, Ariz. with a manufacturing facility in Coolidge, Ariz. 

Experience our journey to achieve your sustainability goals at nikolamotor.com or engage with us on social media via Facebook @nikolamotorcompany, Instagram @nikolamotorcompany, YouTube @nikolamotorcompany, LinkedIn @nikolamotorcompany or Twitter @nikolamotor.

FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements within the meaning of federal securities laws with respect to Nikola Corporation (the "Company"), including statements relating to: the belief that the Company is pioneering solutions that will help transition to a zero emission future; the first ever dealer based hydrogen fueling station; and making progress one truck at a time despite market headwinds. Forward-looking statements are predictions, projections, and other statements about future events based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: completion of the Company's review of its third quarter results; changes to assumptions underlying vehicle sales; the ability of the Company to access sufficient capital to meet its requirements and fund its business; manufacturing delays and difficulties; risks related to the rollout of the Company's hydrogen fueling infrastructure and the timing thereof; construction risks and delays; the availability of access to hydrogen refueling facilities; the level of and cancellation of customer orders; risks associated with manufacturing batteries and fuel cell power modules; variations in and characteristics of the hydrogen fueling location, including but not limited to fueling hardware and software protocol, fuel amount, and fueling conditions, any of which may affect refueling times; and the factors, risks and uncertainties described in the "Risk Factors" section of the Company's annual report on Form 10-K for the year ended December 31, 2023 filed with the SEC, in addition to the Company's subsequent filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

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SOURCE Nikola Corporation

FAQ

How many hydrogen-powered trucks did Nikola (NKLA) sell in Q3 2024?

Nikola (NKLA) wholesaled 88 Class 8 hydrogen fuel cell electric trucks in Q3 2024.

What was Nikola's (NKLA) sales guidance for hydrogen trucks in Q3 2024?

Nikola's (NKLA) sales guidance for hydrogen fuel cell trucks in Q3 2024 was between 80 and 100 units.

How many hydrogen fuel cell trucks has Nikola (NKLA) sold in 2024 so far?

Nikola (NKLA) has sold 200 hydrogen fuel cell trucks in the first three quarters of 2024.

When did Nikola (NKLA) start selling its hydrogen fuel cell trucks?

Nikola (NKLA) started selling its hydrogen fuel cell trucks in Q4 2023.

Where are Nikola (NKLA) trucks assembled?

All Nikola (NKLA) trucks are assembled in Coolidge, Arizona.