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(Reuters) -Nikola surpassed estimates for deliveries of its hydrogen massive rigs within the first quarter, an indication it was making progress in its pivot to the expertise from battery electrical vans after some missteps that battered its share worth.
The electrical truck maker stated on Thursday it has delivered 40 autos within the first quarter, in contrast with the 30 items estimated by a consensus of 4 analysts polled by Seen Alpha.
The upbeat supply figures come at a time when the EV trade is going through challenges from waning demand as excessive rates of interest to curb inflation strain customers’ spending budgets, compelling them to go for cheaper hybrid autos.
Nikola (NASDAQ:) produced 43 vans within the three months to March 31 and stated the remaining hydrogen massive rigs in its stock on the finish of the quarter had been set for supply in early April.
“We anticipate additional gross sales progress in future quarters as our HYLA hydrogen fueling options come on-line,” stated CEO Steve Girsky.
The corporate opened two refueling stations for its hydrogen vans, one in California and the opposite in Alberta, Canada, in March.
Nikola in February set a goal to ship as many as 350 hydrogen-powered gasoline cell electrical vans in 2024 and stated it had delivered 35 items within the fourth quarter.
Shares of the corporate had been buying and selling 10% increased, after having misplaced greater than 90% of their worth since going public in 2020.
Nikola confronted a tumultuous 2023 after the corporate’s founder, Trevor Milton, was sentenced to 4 years in jail after a jury discovered him responsible of fraud.
The corporate in August 2023 needed to recall all of its battery-powered vans it delivered to prospects after investigations discovered a coolant leak inside a battery pack inflicting fires in its autos.
Nikola stated in February this yr it will return all re-worked battery-powered vans to prospects by early third quarter.
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