According to Nikola CEO Steve Girsky, the Nikola TRE fuel cell electric vehicle is set to be delivered to dealers by the end of this month or early next month.
Nikola announced that its battery electric big rig would be delayed due to supply issues with the batteries. However, the hydrogen version of the Nikola TRE is still on schedule, as it uses a different battery pack. This news caused Nikola’s stock to rise, going from 87 cents per share to $1.15 yesterday (Nikola stock reached $67 per share in June 2020).
The company faced challenges following the recall of hundreds of its battery electric machines in August. A coolant leak in one of the trucks resulted in a battery fire and halted production. Despite these setbacks, Nikola responded swiftly and is now undergoing thorough validation tests for all recall fixes.
Nevertheless, Nikola believes it is leading the way in the zero-emission Class 8 truck market. Its competitors, such as Tesla and Kenworth, have faced delays with their electric and hydrogen trucks. While Volvo and Daimler have Class 8 electric trucks on the market, their production is still limited. Nikola has delivered 175 trucks to wholesale and retail customers this year, and prior to the recall, the company was experiencing a surge in momentum.
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