Nikola Corporation nasdaq Nkla Shares Jump As Hyla Advances in Fcev Production

Nikola Corporation (NASDAQ: NKLA) Shares Jump as HYLA Advances in FCEV Production

Nikola Corporation (NASDAQ: NKLA) shares rose over 1% in the pre-market trading Monday following the announcement that its HYLA brand manufactured 42 Class 8 Nikola hydrogen fuel cell electric vehicles (FCEVs) in 2023. Among these, the EV maker distributed 35 units to dealers and customers in the United States and Canada.

The remaining seven trucks, produced but not sold by the HYLA brand of Nikola Corporation, will serve various purposes. Three vehicles will undergo an extended field test with a fleet partner; two are dedicated to continued validation and engineering efforts, and the remaining two will be utilized for service training and customer demos.

According to Nikola Corporation (NASDAQ: NKLA), the FCEV boasts a range of up to 500 miles and an estimated refueling time as low as 20 minutes. However, the refueling time may vary based on factors such as the hydrogen fueling location’s characteristics, including hardware and software protocol, fuel amount, and fueling conditions.

The company sees versatile applications for its trucks, i.e., from drayage and intermodal to metro-regional truckload and less-than-truckload operations to various specialized hauling use cases.

The hydrogen fuel cell electric vehicle (FCEVs) by Nikola Corporation commenced serial production on July 31, 2023, and was commercially launched on September 28. The assembly of these trucks takes place in Coolidge, Arizona. As of November 2023, Nikola reported receiving 277 non-binding orders from 35 customers for its hydrogen FCEV.

Nikola CEO Steve Girsky reports that the Fuel Cell Electric Vehicle (FCEV) has demonstrated its reliability in preliminary tests. He highlights the success of customer pilot programs, revealing a notable 98% truck uptime, a crucial factor for optimizing fleet efficiency.

In August 2023, Steve Girsky assumed the role of CEO. The former General Motors executive and chairman of the Nikola board took over from Michael Lohscheller, who stepped down due to a family health issue.

Nikola’s founder, Trevor Milton, recently faced legal consequences, receiving a four-year prison sentence for making exaggerated claims about the company’s trucks.