Editor's note: This article has been updated. Nikola announced Tuesday that it had started manufacturing Tre hydrogen fuel cell electric trucks.
What happened
Nikola (NKLA 7.23%) stock jumped again today, zooming 20% higher as of 9:50 a.m. ET Tuesday. With today's rally, the electric vehicle and hydrogen stock has now more than doubled in just one month and gained a staggering 447% in two months' time, as of this writing.
Nikola scored a big win yesterday by bagging a deal from freight giant J.B. Hunt Transportation. And now, the electric truck maker has won millions of dollars in grants and government funding that'll help it expand its footprint.
So what
Nikola has received $16.3 million under the California grant awards and government funding program, taking its total awards win in just the last 30 days to $58.2 million. In early July, the California Transportation Commission awarded Nikola a $41.9 million grant under the Trade Corridor Enhancement Program, which Nikola will use in collaboration with the California Department of Transportation to build six hydrogen refueling stations across Southern California. With today's additional award, Nikola can now build seven such refueling stations.
As Nikola puts it, these awards are "key enablers for Nikola's first-mover zero-emission hydrogen fuel-cell electric trucks, and HYLA's fueling infrastructure, with plans to create an open network of commercial hydrogen refueling stations initially in California and eventually throughout North America."
Although Nikola primarily produces Tre battery-electric vehicles (BEVs), it announced Tuesday that it had started manufacturing Tre hydrogen fuel cell electric trucks. The company produces and distributes hydrogen solutions under its brand, HYLA.
Now what
Nikola has garnered massive attention in recent weeks, especially after management announced meaningful changes to its business strategy in June. Among other things, Nikola said it will reorganize its workforce and cut costs while focusing on the launch of its heavy-duty Class 8 hydrogen fuel cell electric truck in the third quarter of 2023. As of June 16, Nikola has 178 orders from the truck from 14 customers.
Nikola's BEV deliveries in the first half of 2023 also surpassed its total deliveries in 2022. More recently, J.B. Hunt placed an order for 10 BEVs and 3 hydrogen fuel cell vehicles with Nikola, with deliveries expected to begin this month.
These positive developments have reignited huge investor interest in Nikola, and they're piling on to the EV stock with high hopes ahead of Nikola's second-quarter earnings release, coming up on August 4.
