Nikola's (NKLA) zero-emission trucks spark early surge with J.B. Hunt order

July 31, 2023 10:34 AM EDT

Shares of heavy-duty electric truck company, Nikola (NASDAQ: NKLA) surged more than 18% in early trading Monday morning after it was revealed that the automaker has entered into an agreement with J.B. Hunt Transport Services Inc. (Nasdaq: JBHT) via the EV maker’s HYLA brand.

"It's important for us to be at the forefront of new technologies and innovative solutions that have the potential to change the way we move freight," said Nick Hobbs, chief operating officer and president of contract services at J.B. Hunt. "These zero-emission trucks from Nikola advance our progress towards achieving our ambitious goal to reduce carbon emission intensity through viable solutions."

According to the agreement, J.B. Hunt Transport Inc. will purchase 13 Nikola zero-emission Class 8 trucks as the transportation company focuses on its sustainability efforts and reducing the intensity of its carbon emissions. The initial agreement includes 10 battery-electric and three hydrogen fuel cell electric Class 8 trucks, with delivery of the first vehicles expected in August 2023.

"We are thrilled that the industry leader for supply-chain solutions has chosen our Nikola Class 8 battery-electric and hydrogen fuel cell electric trucks to use for their operations," said Nikola CEO Michael Lohscheller.

"Their purchase and use of these zero-emissions trucks are a testament to the hard work of our engineering, development and manufacturing teams, who created a robust, highly advanced truck lineup, as well as our HYLA hydrogen infrastructure solutions, which are designed to benefit companies such as J.B. Hunt." Lohscheller added.

Shares of NKLA are up 18.4% in early trading on Monday.

By Michael Elkins | [email protected]

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