Home Truck News Nikola ramps up FCEV deliveries in Q1 - Truck News

Nikola ramps up FCEV deliveries in Q1 – Truck News

Nikola posted Q1 earnings this morning, revealing it wholesaled 40 fuel-cell-electric trucks (FCEVs) in the quarter, all designated for fleet operations.

That brings its total number of wholesaled FCEVs to 75. It says it is beginning to see “green shoots” of acceptance in markets outside California, such as in New York and Canada.

Picture of Nikola HQ
(Photo: Nikola Corp.)

It also opened two Hyla hydrogen fueling stations in the quarter; one in California and another in Alberta. And it began returning to customers their battery-electric vehicles, which were recalled due to a series of battery pack fires.

“We continue to move forward rapidly and execute our plans. And please keep that in mind – we are in the execution phase, not the planning or concepting phase,” said Steve Girsky, president and CEO of Nikola in a release. “Last quarter, I talked about getting on the field with the first deliveries of our hydrogen fuel cell electric trucks. Today, we are executing plays, competing, and cultivating more green shoots as we expand upon current markets and enter new ones.”

Nikola revealed its FCEVs have now accumulated more than 830,000 miles with an average fuel economy exceeding its target of 7.2 miles/kg of hydrogen.

On the fueling front, the company said it is accelerating its rollout of Hyla fueling stations in California and will have nine such stations operational by mid-2024 and 14 by year end.

Nikola said it plans to have all its battery-electric vehicles back in customers’ hands by the end of this year. This trucks have been “future proofed” with updated operating systems, allowing customers to receive more updates over the air going forward.

On the financial front, Nikola generated $7.5 million (all figures US) in revenue, down from $10.7 million in the same quarter last year. Its net loss narrowed from $169 million in Q1 of 2023, to $148 million.

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