Nikola nasdaq Nkla Stock Gains Ground As Investors Respond Favorably to Q1 Production Report

Nikola (NASDAQ: NKLA) Stock Gains Ground as Investors Respond Favorably to Q1 Production Report

Nikola Corporation (NASDAQ: NKLA) stock surged over 7% in intraday trading Friday, building on the momentum generated by its first-quarter production report released Thursday.

Nikola (NKLA) has reported the production and wholesale of 43 and 40 Class 8 Nikola hydrogen fuel cell electric vehicles (EVs), respectively, during the first quarter of 2024. The company has also commenced the return process for its battery-electric trucks (BEVs) following a voluntary recall issued last year.

Nikola CEO Steve Girsky said,

“We are on track for a successful 2024 by continuing the momentum set in 2023.”

He added,

“It’s about more than just setting goals. It’s about following through on our commitments. This includes the production and sale of our hydrogen fuel cell electric trucks and the start of returns for our battery-electric trucks to customers.”

Meanwhile, Nikola announced plans to release its first-quarter financial results on May 7, with a conference call scheduled for 10:30 a.m. ET on the same day to discuss the outcomes. Analysts expect the company to report losses of 10 cents per share and quarterly revenue of $14.235 million.

Nikola (NASDAQ: NKLA) Stock Performance

NKLA stock soared 7.37% to close at $1.02 on Friday. The traders had exchanged hands with 113,308,922 (113.30 million) shares compared to the average daily trading volume of 94.47 million.