Shares of electric heavy-truck maker Nikola (NASDAQ: NKLA) were moving higher on Thursday after the company said it produced over 40 of its fuel-cell-powered semitrucks in the first quarter.
As of 10:30 a.m. ET, Nikola’s shares were up about 10.8% from Wednesday’s closing price.
Nikola is shipping its fuel cell semitrucks
Nikola said in a statement that it produced 43 of its hydrogen fuel cell Class 8 semis in the first quarter and delivered 40 of those to its wholesalers. The remaining three have already been allocated to dealers and will be delivered within days, the company said.
In addition, Nikola said, it 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 begin 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. Its battery-electric trucks, designed for shorter runs, have an estimated range of 330 miles and can be recharged to 80% in about 90 minutes with a 350 kilowatt DC Fast charger.
Nikola is building out its hydrogen refueling network
Nikola is also building out a network of hydrogen refueling stations to support its long-range fuel-cell trucks. Investors can expect an update on that effort when Nikola reports its first-quarter financial results, likely early next month.
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John Rosevear has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Why Nikola Stock Is Climbing Today was originally published by The Motley Fool
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