Why Nikola Stock Is Climbing Today

Shares of the electric heavy-duty truck manufacturer Nikola (NASDAQ:NKLA) rose Thursday after the company said it produced more than 40 of its fuel cell-powered semi-trucks in the first quarter.

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

Nikola produced 43 of its long-haul fuel cell electric semi-trucks in the first quarter. Image source: Nikola.

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Nikola is shipping its fuel cell semi trucks

Nikola said in one rack that it produced 43 of its Class 8 hydrogen fuel cell intermediates in the first quarter and delivered 40 of them to its wholesalers. The remaining three have already been allocated to dealers and will be delivered within days, the company said.

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

Nikola’s fuel cell trucks have a range of about 500 miles and can be refueled with hydrogen gas in about 20 minutes. The battery-electric trucks, designed for shorter trips, have an estimated range of 330 miles and can be charged to 80% in about 90 minutes with a 350-kilowatt DC fast charger.

Nikola is expanding its hydrogen fueling network

Nikola is also developing a network hydrogen fuel stations to support its long-haul fuel cell trucks. Investors can expect an update on that effort when Nikola reports its first quarter…

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