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Truck maker Nikola has sold its first 35 hydrogen trucks. The company announced this late last week. Nikola desperately needs the sales after being mostly in the news in recent years because of fraud and lawsuits.

Nikola's hydrogen truck can travel 800 kilometers on a full tank. | Credit: Nikola

Nikola sold the 35 hydrogen trucks to "customers in the U.S. and Canada. It leaves open who these specific customers are. In addition, the company built another seven hydrogen trucks that will be used in pilots or used for training purposes, among other things. Nikola's hydrogen trucks, called FCEV (fuel cell electric vehicles), can travel about 800 kilometers on a full tank. Filling up a truck can be done within 20 minutes.

Billions lost

How much Nikola made from the sale of the trucks, it will announce in February this year. The exact revenue probably does not outweigh the losses Nikola has suffered in recent years. According to figures from its third-quarter 2023 financial report, Nikola has suffered a loss of $2.9 billion (2.65 billion euros) since its founding a decade ago. Trevor Milton, the man who started the company in 2014, was convicted of fraud just last month. Milton received a four-year prison sentence, plus a $1 million (€910,000) fine.

Sensational trial

Milton's defense at the trial was sensational in itself. Among other things, the businessman tried to win the sympathy of the room by beginning to talk about his ancestry, which makes him a fourth Cherokee. His defense continued with an account of the historical injustice done to Native Americans in Oklahoma. Milton also compared himself to African-American boxer Rubin Carter who was wrongfully convicted of murder in 1967.

Investors fooled

In its early days, Nikola was seen by investors as the great promise in sustainable transportation. A Nikola share was still trading at over 65 euros in 2020. Since then, the share price has dropped below 1 euro. Much of the misery began when Nikola presented a prototype electric truck in 2016 that later turned out not to work. The U.S. stock market watchdog SEC launched a thorough investigation into the company and concluded that investors had been massively fooled. The company was fined $125 million. Nikola eventually managed to recover these costs from founder Milton with a $165 million settlement.

Recall of electric trucks

Nevertheless, Nikola launched their first electric truck two years ago and 209 were sold in the following months. In August of 2023, however, all sales were halted and all 209 trucks were recalled. The reason was that some battery packs spontaneously caught fire. Eventually, investigations revealed that there was a fault in the battery. The recall cost the company another $61 million (56 million euros).

Sales continue

Despite all the setbacks, Nikola continues producing trucks. Last November, the manufacturer reported that it has 277 non-binding purchase agreements with 35 customers for its hydrogen trucks. It also says it will deliver another 47 electric trucks to another customer.

Also read:

  • Mercedes hydrogen trucks on the road in Germany after successful test period

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