(Reuters) – Nikola (NASDAQ:) beat forecasts for deliveries of its large hydrogen plants in the first quarter, a sign the company is making progress in its transition to battery-electric truck technology after some missteps that hit its share price.
The electric truck maker said Thursday it delivered 40 vehicles in the first quarter, compared with 30 units estimated by four analysts surveyed by Visible Alpha.
The company produced 43 trucks in the three months to March 31 and said the remaining hydrogen units in its inventory at the end of the quarter would be delivered in early April.
Nikola in February set a goal of delivering up to 350 hydrogen fuel cell electric trucks in 2024 and said it delivered 35 units in the fourth quarter.
The company said it will return all battery-powered trucks to customers by the start of the third quarter after resolving an issue that caused a coolant leak in the battery pack that led to a fire.
The company also said it expects to return its first redesigned battery-electric trucks to customers by the end of the first quarter.
The company’s shares rose 8% in premarket trading after losing more than 90% of their value since going public in 2020.