NKLA - Why Nikola Surged Over 25% at One Point Today
2024-07-02 13:57:26 ET
Shares of electric and hydrogen-fueled truck maker Nikola (NASDAQ: NKLA) rallied over 26% at one point today, before settling into a 16% gain as of 1:13 p.m. ET.
The rally was fueled by the company's disclosure of hydrogen truck deliveries for the second quarter, which greatly exceeded expectations. With Nikola's past problems and loss-making financials having beaten the stock down to very low levels, it's no wonder the good news sparked a reversal.
In the second quarter, Nikola reported 72 HYLA Class 8 hydrogen-powered truck deliveries to wholesalers. That was well above the high end of 60 it had forecast for the quarter in its previous guidance. In addition, Nikola noted a new customer in Walmart Canada, which had purchased vehicles for the first time, while existing customers increased purchases through Nikola's dealer network.
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Why Nikola Surged Over 25% at One Point Today