Nikola to Boost Hydrogen Truck ProductionAugust 11, 2023
The goal is to move its role in the zero-emission transportation world even further forward.
Nikola Corporation has attracted the attention of investors all over the world as it bumps up its hydrogen truck production and draws more of the spotlight into the growth of the H2 vehicles sector.
The company has managed to improve its cash position by a tremendous $107.1 million in the last quarter.
Beyond increasing its hydrogen truck production, Nikola has also been making headlines by being a cash powerhouse, having raised its position by $107.1 million in the last quarter. To achieve this, it doubled the funds it has available while simultaneously shrinking its spending.
“We’ve rounded the bend, and profitability is in sight,” said Michael Lohscheller while he was still CEO, though he recently announced that he was stepping down due to family health reasons. He underscored that the company’s revolutionary work in clean energy transportation is a long-term solution.
Nikola began serial production of its hydrogen truck on July 31, with a September delivery date.
The company began the production of its fuel cell electric Class 8 trucks on July 31. Its first batch is slated for delivery to its customers next month. There have already been 18 customers that have placed orders for more than 200 of the H2-powered vehicles. This is a promising start for this upped production and is certainly eye-catching for investors.
In terms of the company’s strategic goals for the third quarter of 2023, the company has already surpassed them. They did this by selling a record-breaking 66 retail battery electric trucks as well as 45 more wholesale vehicles. They shrank their cash flow to under their target of $150 million at the same time.
Due to the company’s efforts, Nikola has managed to raise a striking $233.2 million. Beyond that, the efforts to establish an H2 refueling infrastructure have seen considerable progress. This has meant that there is even greater interest in the hydrogen truck model, as potential customers will have locations at which to refuel.
That move has been achieved through Nikola’s HYLA brand, which has made some significant partners along the way, most recently including Voltera.
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