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Nikola NKLA is celebrating
a milestone of 100 sales orders for Class 8 Nikola Tre hydrogen fuel
cell electric vehicles (FCEVs), for which deliveries are expected to
begin in the fourth quarter of 2023. The truck has a range of up to
500 miles and based on desired technological improvements, it has an
estimated fueling time of 20 minutes.
Nikola said that it believes it is the only company in the United
States with a Class 8 hydrogen FCEV available in the calendar year
2023, engineered and assembled in the United States, as well as a
variety of forthcoming hydrogen energy solutions.
Much of Nikola’s success in securing orders is attributable to the
California Air Resources Board’s Hybrid and Zero-Emission Truck and
Bus Voucher Incentive Project (HVIP) program. The program enables
customers to access an incentive of between $240,000 and $288,000 per
truck. Because of the Inflation Reduction Act, customers are also
eligible for a $40,000 clean commercial vehicle tax credit.
In another news, Anastasiya Pasterick, vice president and corporate
controller, Nikola, will succeed Kim J. Brady as the company’s new
chief financial officer. Brady has been the CFO since Nov 2017 and
will step down from his current position on Apr 7, 2023, but will
remain employed with Nikola until Apr 28, 2023.
Pasterick played a key role in Nikola’s 2020 reverse merger. She has
proven financial acumen and attention to detail that the company needs
as it prepares to unveil HYLA, a new energy brand, the
commercialization of Class 8 BEV and the pending production of Class 8
hydrogen FCEVs.
Zacks Rank & Key Picks
NKLA currently carries a Zacks Rank #3 (Hold). You can see the
complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
A few top-ranked players in the auto space are Geely
Automobile Holdings Limited GELYY, Modine
Manufacturing Company MOD and Wabash
National Corporation WNC, all of which sport a Zacks Rank #1.
Geely is engaged in automobile manufacturing and related areas. The
Zacks Consensus Estimates for GELYY’s 2023 sales and earnings imply
year-over-year growth of around 57.5% and 7.4%, respectively.
Modine operates primarily in a single industry of manufacturing and
selling heat transfer equipment. The Zacks Consensus Estimates for
MOD’s 2023 sales and earnings imply year-over-year growth of roughly
11.4% and 43.1%, respectively.
Wabash is one of the leading manufacturers of semi-trailers in North
America. The Zacks Consensus Estimate for WNC’s 2023 sales and
earnings implies year-over-year growth of around 13.1% and 28.9%,
respectively.
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Wabash National Corporation (WNC) : Free Stock Analysis Report
Modine Manufacturing Company (MOD) : Free Stock Analysis Report
Geely Automobile Holdings Ltd. (GELYY) : Free Stock Analysis Report
Nikola Corporation (NKLA) : Free Stock Analysis Report
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Zacks Investment Research
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