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HomeautosNikola shares surge on hydrogen fuel station plans and battery truck production

Nikola shares surge on hydrogen fuel station plans and battery truck production

  • Nikola announced plans Thursday of a limited collaboration for hydrogen fueling stations with TravelCenters of America.
  • The plans include the installation of hydrogen fueling stations for heavy-duty trucks at two sites in California as "a first step" to exploring a nationwide network.
  • Nikola stock closed Thursday at $11.77 a share, up 14.4%.

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Nikola Motor Company Hydrogen fuelSource: Nikola Motor Company

Shares of embattled electric truck manufacturer Nikola surged during trading Thursday after the company reconfirmed production targets and announced a limited collaboration on hydrogen fueling stations with TravelCenters of America.

The plans include installing hydrogen fueling stations for heavy-duty trucks at two sites in California for TravelCenters of America, which is the largest publicly traded company that runs full-service travel centers in the U.S. The initial stations are "a first step for the parties to explore the mutual development of a nationwide network," according to Nikola.

Shares of Nikola seesawed in Thursday trading, soaring by more than 24% after board member Jeffrey Ubben told CNBC the company is "pretty much on target" regarding its production plans.

Most notably, customer production of its first semitruck, a battery-electric vehicle called the Nikola Tre, beginning in Europe in the fourth quarter, followed by a plant in Arizona coming online to produce the vehicle in 2022.

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