Nikola Corp NKLA is trading higher Thursday morning after the company announced a letter of intent was signed with Total Transportation Services Inc. for 100 Nikola trucks.
What Happened: The collaboration includes vehicle trials and intent to order 100 Nikola Class 8 battery-electric vehicle and fuel-cell electric vehicle semi-trucks.
“The Nikola Tre trucks are exactly the type of zero-emission solution we need to be using at the port. Our trucks operate for 18-20 hours a day making the benefits of the Nikola portfolio a perfect match for our needs," said Vic LaRosa, president of Total Transportation Services.
“TTSI’s decision to utilize both Nikola BEV and FCEV vehicles speaks to their forward-looking and strategic mindset in covering a variety of hauling distances and loads, while still contributing to California’s clean-air initiatives,” said Michael Erickson, global head of the BEV business unit at Nikola.
Related Link: Why Tesla Might Have To Merge With Workhorse And Nikola Motors
Why It Matters: Nikola went public on the NASDAQ via the special purpose acquisition company VectoIQ Acquisition Corp. on April 20, 2020. The stock traded as high as $93.77 before falling significantly after Hindenburg Research published a report accusing the company of lying about its technology.
At last check Thursday, Nikola was up 5.57% at $11.
Photo courtesy of Nikola.
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