HYZON Motors Inc. (HYZN), a hydrogen mobility company, has increased 7.86% in the premarket trading session. Consequently, HYZN stock was trading at $6.59 when last checked. The increase has come amid the plan of its European facility to make about 1000 trucks during fiscal 2022. On Wednesday, HYZN stock closed the day at $6.11 after declining 1.45% during regular trading hours.
HYZN plans to increase truck production
HYZN announced on 13th October that its European facility in Winschoten, The Netherlands, is expected to increase the production capacity to about 1000 trucks per annum during the fiscal year 2022. The increase in production would be brought about via the addition of a second shift and updates in operational setups. The Winschoten facility opened in March this year. It has the capacity of producing up to 500 trucks per annum currently. According to the company’s estimates, the facility could produce 825 hydrogen-powered fuel cell electric vehicles per annum. The anticipated changes in the facility would make it the European hub for the vehicle assembly and development of new and modern vehicular technology. Hyzon CEO Craig Knight commented that the momentum around hydrogen is continually seeing variations in the European region, and so the new facility would allow the company to respond to the growing demand.
Q2 2021 financial highlights
On 13th August, HYZN reported the financial results for the second quarter of the fiscal year 2021 which ended on 30th June. The company had cash and cash equivalents of $167.284 on the 30th of June. The total assets at the time stood at $226.67 million while the total liabilities were $55.74 million. The general and administrative expenses bore by the company during the three months were $1.36 million. The company suffered a loss of $1.36 million from the operations. The net loss suffered by the company during the three months was $8.18 million. Commenting on the results, Craig Knight expressed his pleasure over the result and said that a strong quarterly performance would aid the company in its future endeavours.
What’s next for HYZN?
Statistics reveal that during the last quarter, HYZN stock declined more than 38%. The primary reason for the decline appears to be the ongoing investigations and lawsuits against Hyzon against alleged breach of federal securities law. However, on the development and innovation front, the company is keen to leave a mark. So, a potential investor should keep a close eye on HYZN.