Nikola sold 72 hydrogen-fuel-cell trucks to retailers in Q2, topping its 60-unit guidance

By Ciara Linnane

EV maker also won new customers including Walmart Canada

Nikola Corp.'s stock rose 3.2% on Tuesday to rebound from record lows, after the EV maker said it wholesaled 72 Class 8 Nikola hydrogen-fuel-cell trucks in the second quarter and added new customers including Walmart Canada.

The total was above the EV maker's guidance for 60 units, Nikola said in a statement. Nikola's (NKLA) trucks are all assembled at a Coolidge, Ariz. facility.

For the first half, the company wholesaled 112 hydrogen-fuel-cell trucks.

"We have maintained our 2024 momentum with solid wholesale numbers, new customers such as Walmart Canada (WMT), and repeat customers like 4GEN and IMC, purchasing vehicles through our dealer network," said Nikola Chief Executive Steve Girsky.

"We are firmly on the field and are continuing to secure our first-mover advantage in zero-emissions Class 8 trucks in North America, as well as with our HYLA hydrogen refueling solutions," Girsky added.

Nikola's stock closed Monday at a fresh record low of $7.40, down almost 10% on the day.

The stock has struggled since the company's first-quarter numbers showed revenue less than half what was expected, offsetting a narrower-than-expected loss.

The company conducted a 1-for-30 reverse stock split on June 25.

See also: Nio's stock, other EV makers rally after upbeat delivery data

The stock has fallen 70.9% in the year to date, while the S&P 500 SPX has gained 14.8%.

See also: Tesla's stock jumps after deliveries data beat expectations by a wide margin

-Ciara Linnane

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07-02-24 1037ET

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