Shares of Arizona-based EV truck maker Nikola Corporation (NKLA) closed Wednesday, July 10 at $9.50 following the OEM's announcement last week that it delivered 72 Class 8 hydrogen fuel cell trucks in Q2, surpassing early expectations of 50 to 60 units.
The healthier stock price may also be attributed to the company announcing expansion plans. A hiring event at its factory is scheduled for later this week.
“Nikola is expanding! We are looking for some great people to be part of the future of zero-emissions transportation. If you have an interest in production assembly work, we want to meet you!” the company announced.
Nikola also continues to seek new customers for its electric trucks.
Last week, Walmart Canada became the first major retailer in the country to add a hydrogen fuel-cell semi truck to its fleet, specifically a Nikola FCEV Class 8 trailer. It produces zero tailpipe emissions, about a 500 mile-mile range, and avoids 97 metric tons of CO2 emissions annually.
“We have maintained our 2024 momentum with solid wholesale numbers, new customers such as Walmart Canada, and repeat customers like 4GEN and IMC, purchasing vehicles through our dealer network,” Nikola CEO Steve Girsky said.
In California, Wayfair is currently testing the company's trucks with Trucking as a Service (TaaS) company WattEV.
[Related: WattEV CEO explains how it's building America's largest EV trucking fleet]
“Wayfair is piloting heavy-duty EV trucks with WattEV, Inc. in California. We’re testing these vehicles for more sustainable middle-mile deliveries and evaluating the operational impacts of switching from diesel to electric trucks,” said Anna Vinogradova, Head of Global Sustainability and ESG at Wayfair.
Nikola's financial recovery and expansion are part of a larger plan to boost its market presence. During a Q1 earnings call in May, Girsky told investors he expects that volume to scale will significantly grow next year while delivery volume will increase in 2026.
“We’re seeing green shoots with repeat and new fleets - some in new markets such as New York,” he said on the call. “While our initial focus has been California and Canada, we can expand our reach to meet the demands of end fleet users virtually anywhere in the U.S.”
Last month, Nikola stockholders voted in favor of a reverse stock split in order to avoid a Nasdaq delisting. A reverse stock split is designed to consolidate the number of existing shares of corporate stock into fewer but more valuable shares.
The company faced a near-death experience back in 2019 when founder and former CEO Trevor Milton was accused of making false and misleading statements about Nikola's vehicles in order to influence potential investors after it went public through a Special Purpose Acquisition Company (SPAC) merger instead of a traditional IPO. Milton was found guilty of fraud in 2022 and sentenced to four years in federal prison.
