Nikola progresses toward ambitious 2024 sales goal

The company wholesaled 72 hydrogen fuel cell electric trucks in the quarter, besting its projected output.

Nikola wholesaled 72 hydrogen fuel cell electric trucks in Q2, exceeding its guidance of 50 to 60 units, according to a news release last week.

The fledgling sales represented the best quarter so far since the company began assembling the trucks in its Coolidge, Arizona, plant last year. 

“We have maintained our 2024 momentum with solid wholesale numbers, new customers such as Walmart Canada, and repeat customers like 4GEN and IMC, purchasing vehicles through our dealer network,” Nikola CEO Steve Girsky said in the news release.

Nikola delivered its first hydrogen fuel cell trucks in Q4, amounting to 35 units, and wholesaled 40 last quarter, beating guidance of 30 to 35 trucks.

The results complement a goal to ramp up deliveries in 2024 and represent the beginning of much larger scaling the company projects. Guidance from May pegged wholesale deliveries for the year at 300 to 350 units.

Girsky told investors on a Q1 earnings call in May that he expects that volume to scale significantly in 2025 and deliver even more volume in 2026.

“We’re seeing green shoots with repeat and new fleets — some in new markets such as New York,” he said on the call. “While our initial focus has been California and Canada, we can expand our reach to meet the demands of end fleet users virtually anywhere in the U.S.”