Are you ready for a double shot of Nikola (NASDAQ:NKLA) news? First up, the automaker just disclosed orders for a total of 100 Class 8 Nikola Tre hydrogen fuel cell electric vehicles (FCEVs). In addition, Nikola will soon have a new Chief Financial Officer (CFO). These are significant developments, although NKLA stock barely budged this morning.
Nikola certainly isn’t the biggest electric vehicle (EV) manufacturer around. So, a 100-vehicle order is a big deal for the company. Nikola didn’t specify the names of the purchasers of the FCEVs. However, the company credited the California Air Resources Board (CARB) Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP) program with playing a “significant role in securing many of the 100 sale orders that are expected to convert to purchase orders.”
Deliveries of these FCEVs are anticipated to commence in the fourth quarter of this year. The press release seems to imply that the FCEVs could cost hundreds of thousands of dollars apiece. So, Nikola stands to generate strong revenue from the potential sale of 100 of these vehicles.
What’s Happening With NKLA Stock?
In spite of this evidently good news about the FCEV orders, NKLA stock didn’t move much this morning. Shares were only slightly higher as of this writing. Right now, they’re hovering at the $1.50 level.
Perhaps, financial traders were busy mulling over another news item. In particular, Nikola revealed its succession plan for the company’s CFO. Kim Brady, who has served as Nikola’s CFO since November 2017, will reportedly vacate the position on April 7.
Furthermore, Nikola announced Anastasiya “Stasy” Pasterick, the company’s current Vice President and Controller, as Brady’s successor in the CFO position. This isn’t Nikola’s first major C-suite change, of course. The company’s founder and former chairman, Trevor Milton, resigned in September 2020.
So, there’s a lot to think about now when it comes to Nikola and its future. NKLA stock is moving up a little bit today, but there may be more movement coming in the next few days as financial traders fully absorb the news.
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On the date of publication, David Moadel did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
