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NKLA Stock Alert: Nikola Announces Canadian Expansion of Dealer Network

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  • Nikola (NKLA) stock is climbing on expansion news in Canada.
  • The company signed a deal to bring a new dealership to Toronto.
  • That will allow Nikola to reach news customers in the country.
NKLA Stock - NKLA Stock Alert: Nikola Announces Canadian Expansion of Dealer Network

Source: Nikola Press Center

Nikola (NASDAQ:NKLA) stock is a hot topic among traders on Friday as they go over the details of a new expansion in Canada.

The big news here is Nikola signing an expansion deal that will bring another of its dealerships to the country. This deal was signed with ITD Industries and covers sales and service coverage for the company’s Class 8 trucks.

ITD Industries intends to set up a showroom for Nikola vehicles in Toronto, Canada. The company will set this showroom up inside its manufacturing facility. This will also be where the company handles service operations for the Class 8 trucks.

Steve Girsky, President and CEO of Nikola, said the following about the news:

“Canada’s zero-emission vehicle friendly environment for Class 8 trucks, fueled by attractive incentives and its ambitious carbon reduction goals, makes it a strategic market for the future of transportation.”

What This Means for NKLA Stock

Expanding into more of Canada is a positive move for Nikola. Partnering with ITD Industries will likely help increase its presence in the country, which could turn into additional profits as Nikola reaches a wider audience.

NKLA stock is also seeing strong trading volume alongside the expansion news. As of this writing, more than 71 million shares have changed hands. That’s quickly closing in on its daily average trading volume of about 85.7 million shares.

NKLA stock is up 7% as of Friday morning but still down 44.8% since the start of the year.

Investors looking for even more of the most recent stock market stories will want to stick around!

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On the date of publication, William White did not hold (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.


Article printed from InvestorPlace Media, https://investorplace.com/2023/09/nkla-stock-alert-nikola-announces-canadian-expansion-of-dealer-network/.

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