Nikola’s hydrogen-powered truck deliveries to dealers rise 22% in Q3

(Reuters) -Nikola’s wholesale deliveries of hydrogen-powered electric trucks jumped 22% in the third quarter from the previous three-month period, the company said on Wednesday, signaling steady demand for its big rigs.

The EV maker delivered 88 Class 8 hydrogen fuel cell trucks to dealers in the quarter, in line with its expectations of selling 80 to 100 units. But that lagged the 80% sequential surge in deliveries reported in the second quarter.

Shares of Nikola (NASDAQ:) jumped 9.5% in early trading. The stock has slumped more than 82% so far this year, as of last close, taking a beating from weak growth in the EV industry due to softer consumer demand.

The Phoenix, Arizona-based company also said it has delivered 200 hydrogen fuel-cell trucks to dealers so far this year. It had said earlier it was targeting full-year deliveries of 300 to 350 trucks.

Nikola has sold a total of 235 units since the truck went on sale in the fourth quarter of 2023.

The company is benefiting from new customers placing orders for its hydrogen-powered trucks, helping it pivot away from its battery-powered vehicles, all of which it recalled in 2023 due to fires caused by a coolant leak.

Nikola had said earlier it was on track to complete the rollout of all of its revamped battery-electric trucks by the end of the year.

The company in August topped Wall Street estimates for second-quarter revenue and posted a smaller-than-expected loss.