Nikola (NASDAQ:NKLA) stock is moving higher on Thursday following news of a deal with Bosch Group that has investors excited.
This agreement has the two companies working together on Nikola’s Class 7 and Class 8 fuel-cell electric vehicles (FCEV). That will have the company building the Bosch fuel-cell power modules at its factory in Coolidge, Ariz.
Nikola says it plans to launch the fuel-cell power modules in 2023 and has great hopes for them. That includes plans for a Class 8 regional-haul Nikola Tre FCEV that will sport a range of about 500 miles. It’s also working on a Class 8 long-haul Nikola Two FCEV that will have a range of roughly 900 miles.
Mark Russell, CEO of Nikola, said the following in a press release covering the deal.
“We will be collaborating with Bosch to develop and assemble fuel-cell power modules specifically for our applications at the same Coolidge, Arizona facility where we manufacture our Nikola vehicles, utilizing major components from the Bosch global manufacturing network.”
The positive news for NKLA stock doesn’t stop here. Nikola has also revealed plans to expand its Coolidge location. As part of the deal, the company plans to expand the factory by 50,000 sq. ft. and hire 50 new workers to get the fuel-cell power modules out by 2023.
Today’s news has NKLA stock getting extra attention from traders. As a result, some 10 million shares of stock have changed hands as of this writing. That’s quickly approaching the company’s daily average trading volume of about 12.5 million shares.
NKLA stock was up 2.4% as of Thursday morning.
We’ve got more recent electric vehicle (EV) news that traders will want to know about below!
EVs continue to be a hot topic among traders with interest in manufacturers, as well as EV charging companies. Some of the latest news includes why Chargepoint (NYSE:CHPT) is heading higher today, a breakdown of Lucid Motors (NASDAQ:LCID), as well as positive news for Nio (NYSE:NIO) shareholders. You can learn all about these topics at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.