Nikola (NASDAQ:NKLA) stock got a boost this morning after announcing a collaboration with PGT Trucking.
A news release reveals that the two companies have signed a Letter of Intent to lease 100 Nikola Tre heavy-duty fuel cell electric vehicles (FCEVs). A stipulation of this requires the completion of a Nikola Tre FCEV demonstration program.
It’s worth noting that PGT Trucking and Nikola haven’t yet decided on the terms and agreements for the demonstration program. Even so, the lease deal would include the trucks, scheduled maintenance for them, as well as hydrogen fueling solutions.
Pablo Koziner, president of Nikola Energy and Commerical, said this about the deal moving NKLA stock today.
‘PGT is a highly respected leader in the flatbed transportation industry with operating experience grounded on safety, reliability and customer service. We believe our FCEVs will help PGT further their objectives to continuously improve driver experience, reduce their carbon footprint and increase the efficiency of their operations while providing great value to their customers.”
So long as the deal between Nikola and PGT Trucking doesn’t hit any potholes, deliveries of the FCEVs will start in 2023. That lines up with the start of production at the company’s Coolidge, Ari., manufacturing facility.
Investors started off hot today on NKLA stock following the news but quickly cooled off. Shares were up well above yesterday’s close this morning but are now hovering 1.9% lower. NKLA stock is also down 30.8% since the start of the year.
There’s more stock market news worth diving into below!
InvestorPlace offers up daily coverage of the stock market and today is no different. That includes details of a recent deal for ElectraMeccanica Vehicles (NASDAQ:SOLO), Taiwan Semiconductor (NYSE:TSM) running higher on earnings, as well as what to know about the GitLab (NASDAQ:GTLB) IPO. You can find out all about those matters 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.