A hydrogen-powered Nikola Tre semitruck on California’s 405 freeway.
Anheuser-Busch, Nikola
Nikola, which aims to replace diesel-fueled semis with trucks powered by batteries and hydrogen, was one of the biggest stock market gainers Tuesday among electric vehicle makers after President Joe Biden said the U.S. was cutting off imports of Russian oil because of its invasion of Ukraine.
Shares of Phoenix-based Nikola rose about 14% to closed at $7.55 in Nasdaq trading, as did Ballard Power, a maker of fuel cells that convert hydrogen into electricity. Norway’s Nel, which makes electrolyzers that produce hydrogen, surged 17%. Tesla, the world’s most valuable automaker, gained 2.5% while newer makers of battery-powered autos, including Fisker and Lucid, also gained. Similarly, engine maker Cummins, which is developing hydrogen-powered systems for truck…