Why Hyliion Holdings Stock Accelerated 15% Higher Today

What happened

Low-priced alt-fuel vehicle maker Hyliion Holdings (NYSE:HYLN) experienced a nearly 15% lift in its share price on the second trading day of the week. Investors were happy about the company's latest product announcement, which was encouraging by any standard.

So what

Publicly traded automotive companies often see a share price boost when they unveil a new model, and so it was on Tuesday for Hyliion. At the Advanced Clean Transportation Expo industry trade show in California, it drew the curtain back on the Hypertruck Karno.

This is a demonstration vehicle, a semi-truck whose chief selling point is that it features, in its maker's words, "a first-of-its-kind electric range extender powertrain that can be refueled with both hydrogen and natural gas."

Better, Hyliion said that the Karno's engine would also be able to operate on more than 20 different fuels. These include hydrogen, conventional fuels, and even propane and ammonia.

The company said that the Karno will be used for the continued development of its technology, as well as for diagnostic and validation purposes.

Now what

The technological promise of the Karno is exciting, hence the very positive investor reaction to its unveiling. It won't be InMode's immediate priority, though.

The company quoted founder and CEO Thomas Healy as saying that "While our focus remains on the 2023 production launch of the Hypertruck ERX... we are also developing the Hypertruck KARNO as part of our transition to offer fleets fuel flexibility."

The ERX is a semi-truck currently in its advanced development stages. It is powered by natural gas.

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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.