Finance

Why Nikola shares are rising today


Stocks of electric heavy-duty truck makers Nikola (NASDAQ:NKLA) The company said it produced more than 40 fuel cell-powered semi-trucks in the first quarter, sending its shares higher on Thursday.

As of 10:30 a.m. ET, Nikola’s shares were up about 10.8% from Wednesday’s closing price.

A white Nikola Tre FCEV, a semitrailer powered by hydrogen fuel cells, tows a trailer on a mountain road.

Nikola produced 43 remote fuel cell electric semi-trailers in the first quarter. Image source: Nikola.

Nikola is transporting its fuel cell semi-truck

Nikolai said in an article statement The company said it produced 43 hydrogen fuel cell Class 8 semi-finished products in the first quarter and delivered 40 of them to wholesalers, while the remaining three have been allocated to dealers and will be delivered within days.

Additionally, Nikola said the company has begun returning reworked electric trucks to customers. Last August, Nikola recalled all of its electric trucks, a total of 209, after a truck caught fire due to a coolant leak. In November, the company said it would replace the battery packs in all 209 trucks at an estimated cost of $61.8 million and expected to begin returning trucks to customers in the first quarter.

Nikola’s fuel cell truck has a range of about 500 miles and refuels with hydrogen in about 20 minutes; its pure electric truck is designed for short-distance driving, with an estimated range of 330 miles and a charging time of up to 80%. Use the 350kW DC fast charger for approximately 90 minutes.

Nikola is building out its hydrogenation network

Nikola also built a network hydrogen hydrogen gas stations to support its long-range fuel cell trucks. Investors can expect an update on that effort when Nikola reports its first-quarter financial results early next month.

Should you invest $1,000 in Nikola right now?

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john rosewell Has no position in any of the stocks mentioned. The Motley Fool has no position in any stocks mentioned. Motley Fool has disclosure policy.

Why Nikola shares are rising today Originally published by The Motley Fool



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