In This Article:
Investing.com -- Here is your weekly Pro Recap of the past week's biggest headlines in the electric vehicle space: an earnings miss and angry workers at Tesla; a vow from Nio; and a delisting at Lordstown.
As always, InvestingPro users get EV headlines at lightning speed. Never miss another opportunity to secure an edge for your portfolio.
Nikola shares rocket with hydrogen deals
Nikola Corp (NASDAQ:NKLA), an American truck manufacturer, stole the spotlight this week when its stock price experienced a remarkable 62% surge on Thursday thanks to a significant strategic supply partnership with hydrogen producer BayoTech.
Per the partnership agreement, BayoTech has committed to purchasing up to 50 of Nikola's Class 8 hydrogen fuel cell trucks over the next five years. The first batch of 12 trucks is set to be delivered between 2023 and 2024.
"Nikola and BayoTech are united by a common goal of providing reliable access to hydrogen throughout the United States," said Michael Lohscheller, President and CEO of Nikola Corporation.
In return for this collaboration, Nikola has agreed to acquire up to 10 of BayoTech's HyFill hydrogen transport trailers. These trailers serve a critical role in the transportation of high-pressure hydrogen from production sites to refueling stations.
"BayoTech's low-carbon hydrogen fuel and transport equipment will play an important part in supporting the adoption of Nikola's Class 8 fuel cell electric zero-emission trucks," added Lohscheller.
Along with their partnership with BayoTech, Nikola sealed a deal with Bosch (NS:BOSH) to become the engineering company’s pilot customer for their volume production fuel-cell power modules.
Bosch revealed Thursday that the company is investing $2.8 billion in hydrogen fuel cell technology from 2021 to 2026. According to Bosch, by 2030, approximately 20% of newly manufactured trucks weighing six metric tons or more are expected to be equipped with fuel-cell powertrains.
Production of Bosch’s fuel-cell power module will begin at its Feuerbach plant on the outskirts of Stuttgart and in Chongqing in China.
Shares of NKLA ended trading Friday at $2.25, 19.7% off its high of $2.80, which they hit Friday morning.
Tesla's tax credit countdown
Tesla (NASDAQ:TSLA), the most valuable car company in the world, revealed on its website Tuesday evening that federal tax credits for its popular Model 3 car are expected to decrease at the end of the year.
According to a letter sent to owners, “The $7,500 federal tax credit will likely decrease after December 31, 2023 for some models. New Model 3 and Model Y vehicles delivered by December 31, 2023 still qualify for the full credit.”