Nikola’s New CEO Announces Hydrogen Truck Deliveries, Stock Rebounds


The Nikola TRE fuel cell electric vehicle, according to Nikola CEO Steve Girsky, is on track for delivery to dealers by the end of this month or early next month.

The company has been embattled in recent months, following the August recall of hundreds of battery electric machines. A coolant leak in one of these trucks appears to have caused a battery fire, and caused the company to pause all production. That recall tanked share prices from a high of $3.39 per share.

Despite the issues having been limited to three incidents, and the company reacting quickly and appropriately to ensure it wouldn’t happen again, it was seen as a portent of worse coming soon. Thankfully that doesn’t appear to have been the case, and some of the rebound has begun for Nikola. Girsky said that all recall fixes will need to undergo a thorough validation test prior to widespread adoption of the change.

Despite these setbacks, Nikola still believes it is well ahead of the zero-emission competition in the Class 8 truck market. There isn’t much competition in the market right now, as Tesla’s semis have been delayed and Kenworth’s hydrogen truck is still in the prototype phase. Volvo and Daimler have BEV Class 8 trucks on the market, but are still small production. Year to date Nikola says it has delivered 175 trucks to wholesale and retail customers, and prior to the recall was seeing a “surge in momentum.”

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