Nikola (NKLA) delivers first hydrogen fuel cell truck in the US, new EV trucks coming

Nikola Corp (NKLA) announced it had delivered the first production hydrogen fuel cell truck in North America during the fourth quarter. The company said it also remains on track to deliver the first reworked battery electric trucks back to customers by the end of Q1.

Nikola delivers first production hydrogen fuel cell truck

“Today we’re sharing what we’ve accomplished and how we are providing fully integrated zero-emissions mobility solutions to fleets right now,” Nikola president and CEO Steve Girsky said.

After announcing its fourth quarter and full-year 2023 results Thursday, Nikola had several exciting updates.

The company delivered what it believes to be the first production Class 8 hydrogen fuel cell truck in North America. Nikola proved it can design, build, and deliver hydrogen fuel cell trucks.

Nikola produced 42 hydrogen trucks, delivering 35 to dealers. The company reserved seven for testing and fleet demos. Girsky said on the earnings call that Nikola could have delivered more if it weren’t for supply chain issues.

Customers include Biagi Bros, IMC Logistics, 4Gen/ Duncan and Sons Lines, Alberta Motor Transport, and Coyote Container.

Nikola had 99.9% of the hydrogen fuel truck HVIP vouchers in California (355 of 360) in 2023 and through January 2024. Coyote Containers completed an 866-mile round trip from the Port of Oakland to the Port of Long Beach, refueling once at the HYLA Ontario station.

Battery electric trucks

After recalling all Tre BEV trucks last summer, Nikola said it’s on track to deliver the first reworked electric trucks equipped with new battery packs by the end of Q1. All trucks are expected to be returned to users by the end of Q2 or early Q3.

Once all BEV trucks are returned, Nikola will begin retrofitting the rest of the inventory to sell them by the end of 2024.

Since October, an additional 33 HVIP voucher requests have been submitted for the BEV truck in California. According to Nikola, the BEV “2.0” will include several upgrades, including increased payload capacity.

Nikola’s revenue more than doubled in Q4 ($11.5M vs $5.5M) but slipped in 2023 ($35.8M) compared to 2022 ($49.7M).

Net losses were lower in Q4 ($153.6M vs $222M). However, Nikola’s losses widened from 2022, with a $966M net loss in 2023. Gross margins also fell to (597%) from (173%) in 2022 as the company looks overcome the recall.

Nikola’s stock is down 70% over the past 12 months and 99% from its ATH set shortly after going public in 2020.