Nikola Racks Up Over 200 Orders For Hydrogen Trucks: Can It Turn Fortunes Around?

Nikola Corporation NKLA said on Thursday it had amassed more than 200 sales orders for its Class 8 hydrogen fuel cell electric vehicles, as announced via its HYLA brand. 

Nikola said its hydrogen-powered heavy-duty trucks, with a range of up to 500 miles and a refueling time of just 20 minutes, have generated notable interest across various industries.

The company’s Coolidge, Arizona manufacturing facility is now in full gear, according to a tweet by the company. Deliveries are slated to commence later this year, following the completion of a demonstration program.

Michael Lohscheller, Nikola’s President and CEO, hailed the achievement as a reflection of the industry’s growing appetite for sustainable solutions. “This remarkable demand for our hydrogen fuel cell electric truck confirms the industry’s trend toward sustainable transportation solutions,” he stated. 

See Also: Best Electric Vehicle Stocks 

Juicy Incentives: Nikola’s hydrogen truck success is driven by key factors: incentives and partnerships. The California Air Resources Board’s HVIP program speeds up sales with incentives of $240,000 to $288,000 per truck. Canada’s iMHZEV Program expands influence with up to C$200,000 incentives for hydrogen trucks and C$150,000 for battery-electric. NJ-ZIP offers more rebates for qualifying entities.

Hiccups? Nikola’s accomplishment, however, is not without challenges. The global push towards hydrogen fuel cell technology has garnered skepticism from industry figures like Tesla’s Elon Musk, who favors batteries as a more efficient energy storage solution. 

Despite these debates, Nikola’s strides indicate a clear appetite for innovative transport solutions, setting the stage for a future powered by sustainable alternatives.

Price Action: Shares in Nikola closed 3.21% down at $3.02 on Wednesday and were 1.66% lower in premarket trading on Thursday, according to data from Benzinga Pro.

Check out more of Benzinga’s Future Of Mobility coverage by following this link.

Read Next: Nikola Has 2 Key Events This Week: Here’s A Roadmap For EV Investors To Navigate The Days Ahead

Photo courtesy: Nikola

Market News and Data brought to you by Benzinga APIs
Posted In: NewsTop StoriesTechelectric truckselectric vehiclesEVsHYLAmobility
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!