US-based zero-emission truck manufacturer Nikola is poised for a significant expansion in its hydrogen fuel cell truck fleet, with projections indicating a threefold increase compared to its battery-electric counterparts in 2024.
During an investor briefing on Thursday, Nikola’s CEO, Steve Girsky, outlined ambitious plans to deliver between 300-350 hydrogen-powered trucks this year, signaling a substantial uptick from the anticipated 100 battery-electric vehicles. This surge in hydrogen truck deliveries reflects Nikola’s commitment to advancing hydrogen fuel cell technology and meeting the evolving needs of the transportation industry.
Nikola’s recent financial performance underscores its momentum in the zero-emission truck market. In 2023, the company achieved notable milestones, including the production of 42 hydrogen fuel cell electric trucks and a significant increase in revenue to $11.5 million from $5.4 million in 2022. Moreover, Nikola reported a narrowed negative EBITDA, reflecting improved operational efficiency and strategic management of resources.
Looking ahead, Nikola plans to allocate a substantial portion of its anticipated 2024 capital expenditure (CAPEX) of $60-70 million towards expanding its HYLA hydrogen refueling infrastructure. This strategic investment underscores Nikola’s holistic approach to sustainable transportation, encompassing both vehicle development and the necessary infrastructure to support widespread adoption.
In line with its commitment to financial prudence, Nikola aims to optimize cash usage and streamline operations. Measures such as reducing headcount and rationalizing spending are part of the company’s broader strategy to enhance efficiency and drive long-term sustainability. With a focus on prudent financial management, Nikola seeks to position itself for sustained growth and profitability in the competitive zero-emission truck market.
