Why Nikola Shares Are Rising Today

Nikola Corp NKLA is trading higher Thursday after the company announced its Tre battery-electric vehicle has been deemed eligible for the Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project program by the California Air Resources Board.

Following the approval, purchasers of the Nikola TRE operating in the state of California are able to qualify for an incentive valued at $120,000 per truck.

"Our HVIP approval is anticipated to help dramatically reduce greenhouse gas emissions and lowers the total cost of ownership for Nikola’s California-based customers," said Michael Erickson, global head of battery-electric vehicles at Nikola.

Nikola is a designer and manufacturer of battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems and hydrogen fueling station infrastructure.

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NKLA Price Action: Nikola has traded as low as $8.86 and as high as $30.40 over a 52-week period.

The stock was up 7.09% at $11.18 at time of publication.

Photo: courtesy of Nikola.