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Remember when electric vehicles (EVs) were supposed to be the next big thing? Major automakers and tech companies invested billions of dollars in the technology.

West Sacramento station marks HYLA's first modular refueling station in Northern California A significant step in HYLA's plan to connect current HYLA stations to northern central California This new HYLA station will be commercially operational in January 2025 PHOENIX , Dec. 18, 2024 /PRNewswire/ -- Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, proudly announces the securing of a new HYLA station located in West Sacramento, CA. Featuring a compact high-pressure hydrogen refueler, the station at 917 Stillwater Rd in West Sacramento, California, represents the latest phase in Nikola's commitment to provide hydrogen refueling solutions for Class 8 trucks.

Nikola Corp., a producer of battery and hydrogen-electric trucks, has taken several steps to repay its debts and raise equity, including offering up to $100 million in a common stock sale.

Plug Power and Nikola could be good longshot plays in this nascent market.

Nikola (NKLA) stock price has imploded as the company continues to face commercialization and balance sheet concerns. It has crashed by 87% this year and is trading at its lowest level on record, giving it a market cap of over $200 million.

The trucking company is making progress in developing its innovative alternative fuel trucks.

On Thursday, zero-emission transportation start-up Nikola Corporation ("Nikola") reported another set of uninspiring quarterly results. The company continues to burn substantial amounts of cash. During the quarter, cash usage increased by 10% sequentially to $162.9 million. Management warned of funds running out in Q1/2025 - as a result, investors will likely have to prepare for additional, near-term dilution.

Nikola Corporation (NASDAQ:NKLA ) Q3 2024 Results Conference Call October 31, 2024 10:30 AM ET Company Participants Soei Shin - Head of Investor Relations Steve Girsky - President and CEO Tom Okray - CFO Conference Call Participants Mike Shlisky - D. A. Davidson Ben Kallo - Baird Soei Shin Welcome to Nikola Corporation's third quarter 2024 earnings and business update call.

Nikola is meeting near-term goals, but the bottom line is the problem.

Nikola reported a bigger-than-expected quarterly loss on Thursday as the company continues to grapple with high costs related to the production ramp up of its fuel-cell electric truck, sending the EV maker's shares down more than 5%.