Nikola nasdaq Nkla Stock Soars As Q1 Delivery Numbers Beat Expectations

Nikola (NASDAQ: NKLA) Stock Soars as Q1 Delivery Numbers Beat Expectations

Nikola Corporation (NASDAQ: NKLA) stock jumped over 6% in intraday trading Thursday after the EV maker released better-than-expected first-quarter delivery figures for hydrogen trucks.

Nikola (NKLA), the electric vehicle (EV) maker, has announced the delivery of 40 Class 8 hydrogen fuel cell electric vehicles to U.S. customers in the first quarter of 2024. This figure surpasses the estimated delivery of 30 units projected by a consensus of four analysts polled by Visible Alpha.

The upbeat delivery numbers arrive amid a challenging landscape for the EV industry, with waning demand exacerbated by high-interest rates aimed at curbing inflation. This economic pressure has prompted consumers to prioritize more cost-effective options such as hybrid vehicles. 

The EV maker reported the production of 43 trucks in the first quarter, with the remaining hydrogen big rigs in its inventory set for delivery in early April. 

CEO Steve Girsky expressed optimism about future sales growth, particularly with the anticipated rollout of HYLA hydrogen fueling solutions.

Nikola opened two refueling stations for its hydrogen trucks in March, one in California and the other in Alberta, Canada.

In February, the company set an ambitious target to deliver up to 350 hydrogen-powered fuel cell electric trucks in 2024, building on the momentum from delivering 35 units in the fourth quarter of 2023.

2023 – A Tumultuous Year for Nikola (NASDAQ: NKLA)

Despite recent successes, NKLA stock has faced significant volatility, reflecting broader market sentiment and past challenges faced by the company. After losing over 90% of its value since going public in 2020, Nikola shares surged by 6.53% to close at $0.95 on Thursday.

Nikola’s journey has been marked by turbulence, including the legal woes of its founder, Trevor Milton, who has been convicted of fraud and sentenced to four years in prison. In addition, the company faced setbacks in 2023, including a recall of all battery-powered trucks due to a coolant leak causing fires.

In February, Nikola announced plans to return all reworked battery-powered trucks to customers by the early third quarter of this year.