Electric truck manufacturer Nikola has issued a recall for 209 of its Class 8 Tre battery electric vehicles following a Battery Fire caused by a coolant leak. The company has temporarily halted the sale of new BEVs until a resolution is found. As a result of this news, Nikola’s stock plummeted by approximately 20% during regular trading.

This setback comes just days after the departure of the company’s CEO and president, along with disappointing earnings for the quarter. Nikola reported a 15% decrease in revenue and a nearly 26% increase in losses compared to the same period last year.

Previous suspicions of foul play causing the battery fire have been ruled out by internal investigations and a third-party probe. According to preliminary findings by Exponent, a coolant leak within a single battery pack was identified as the probable cause of the truck fire at Nikola’s headquarters. The company has identified a single supplier component as the source of the leak and plans to provide a field remedy in the coming weeks.

While existing owners of Nikola’s BEV trucks can continue operating them, the company recommends customers and dealers leave the Main Battery Disconnect (MBD) switch in the “ON” position for real-time monitoring and safety system operations. Nikola also suggests parking trucks outside to enable over-the-air updates and better connectivity to their truck monitoring system.

It is important to note that this recall does not affect the production of hydrogen fuel cell EVs, which use a different battery pack design. Nikola has faced numerous scandals and internal conflicts in recent years, mainly due to its founder Trevor Milton, who has been charged with wire and securities fraud.

In an effort to raise more capital, the company has gained enough shareholder support to issue additional shares.

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