Electric truck manufacturer Nikola announced a notable 22% increase in wholesale deliveries of its hydrogen-powered vehicles during the third quarter, indicating a steady demand for its heavy-duty trucks. The company delivered 88 Class 8 trucks to dealerships, meeting its projected sales range of 80 to 100 units. Although this growth rate was slower than the 80% surge reported in the previous quarter, investors responded positively, driving Nikola’s stock up 9.5% in early trading. Despite a challenging year for the electric vehicle industry, marked by soft consumer demand, Nikola has delivered a total of 200 hydrogen fuel-cell trucks to dealers so far in 2023. The company remains on track to meet its full-year target of 300 to 350 deliveries. Notably, Nikola has shifted its focus towards hydrogen-powered trucks, following the recall of its battery-powered vehicles in 2023 due to safety concerns. The company’s revamped battery-electric trucks are expected to be rolled out by year-end. Nikola’s strong second-quarter revenue and narrower-than-expected loss in August have also boosted investor confidence.
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