Nikola Corporation, a leader in zero-emissions transportation, reported a significant financial upturn for Q2 2024, achieving $31.3 million in revenue, marking a 318% year-over-year growth. The company delivered 72 hydrogen fuel cell electric vehicles (FCEVs), surpassing guidance, and further solidified its position as the only OEM offering Class 8 FCEVs in North America.
CEO Steve Girsky emphasized Nikola’s pivotal role in transforming the trucking industry, with the company’s vehicles actively used by fleet operators to reduce carbon emissions. Walmart Canada became the first major retailer in the country to integrate Nikola’s hydrogen trucks into its fleet, while repeat orders from national accounts are driving what Girsky terms a “Profitability Flywheel.”
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Nikola’s FCEV fleet has logged over 550,000 miles with an average fuel economy of 7.2 miles per kilogram, outperforming typical Class 8 trucks in efficiency and emissions reduction. Additionally, HYLA Energy, Nikola’s hydrogen fueling brand, continues to expand, with new stations launched in Toronto and Southern California to meet growing demand.
The company also made strides in its battery-electric vehicle (BEV) recall program, remaining on track to complete it by the end of 2024. Constructive policies in California have bolstered Nikola’s market share in key incentive programs, further enhancing its financial performance through the sale of regulatory credits.
Nikola’s achievements in Q2 underscore its commitment to leading the commercial transport industry towards a zero-emission future, with continued growth anticipated as the company scales its operations and product offerings.
Source: Nikola Corporation Announces Q2 2024 Financial Results
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