Sam Boughedda

Investing.com — Hyzon Motors Inc (NASDAQ:) shares rallied 19% Friday after investors reacted positively to its third quarter earnings report.

The shares rose to $7.50

On revenue of $962,000., the hydrogen fuel cell electric mobility company posted an earnings per share (EPS) of 13c. Analysts expected an 8-cent per share loss on revenues of $1.95million. Operating expenses totalled $50.6 million.

The quarter saw the company focusing on global expansion and receiving the initial two orders for the purchase of 62 trucks from Shanghai Hydrogen Hongyun Automotive.

Chief executive officer at Hyzon, Mr. Craig Knight stated that “During the third quarter, we continued to execute our long-term strategies and build momentum across all our platforms.” Hyzon’s strategy is unchanged. We are determined to be at the forefront in the fast-growing hydrogen mobility market.

Hyzon reiterated its projection for 85 vehicles being dispatched. It expects vehicles to be on the roads in Asia, Australia and Europe by the end.

Hyzon anticipates full production of both Bolingbrook (IL) and Rochester, N.Y. by 2022.

Hyzon was given a neutral rating by Goldman Sachs on October. Jerry Revich, analyst at Goldman Sachs stated that Hyzon’s main problem for the market is the slow pace of infrastructure construction. Revich placed a price target of $7 on Hyzon shares.