Nikola Corp. posted a loss in its latest quarter, but the maker of hydrogen-electric heavy trucks set a new record for vehicle sales, the company announced.
FCEV Sales Up 22%
Nikola sold 88 FCEVs — its hydrogen fuel cell and electric semi-truck — to its dealer network between July and September, an increase of 22% compared to the same period last year.
The Phoenix-based company affirmed its earlier projections of full-year volumes between 300 and 350 trucks, and noted that it saw “strong organic growth” as its national fleet partners began deploying its FCEVs.
Fleet Adoption and Fuel Dispensing on the Rise
Nikola officials also touted a nearly 80% increase in fleet adoption of the FCEV and the addition of Southern California’s GTS Group to its dealer network — the first dealer to join since the launch of FCEV.
The company added that 78 of its BEV 2.0 trucks had been returned to their owners following a recall of the truck over fire concerns in its battery packs last year.
“With every truck delivered and fueled at our HYLA stations, we continue to deliver proof points to the market that zero-emission trucks are driving the future of Class 8 mobility,” Nikola President and CEO Steve Girsky said in a statement.
The company expects to deliver 10 HYLA fueling solutions by the end of the year and the amount of hydrogen fuel dispensed at is commercial stations has grown almost 350% since the first quarter of this year.
Losses Halved Compared to 2023
Nikola — whose founder is serving time in prison for defrauding investors late last year — reported a net loss of nearly $200 million in the latest quarter, down from a more than $425 million net loss in the third quarter of 2023.
Image credit: Nikola Corp.
