Shares of hydrogen and battery-electric truck maker Nikola (NASDAQ: NKLA) dropped 10% in December to end 2023 with a steep loss of 59.5%, according to data provided by S&P Global Market Intelligence.

Nikola's order book for its Tre hydrogen fuel cell electric trucks is growing, but a recall of its battery-electric trucks is proving costly at a time when the company is already facing a cash crunch and raising money consistently.

Nikola had previously estimated that it would require $600 million to fund its operations and achieve positive earnings before interest, taxes, depreciation, and amortization (EBITDA) by 2025. Its capital requirement, however, has inched higher to $650 million thanks to its truck recalls.

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Source Fool.com