Nikola's (NKLA) zero-emission trucks spark early surge with J.B. Hunt order
- S&P 500 and Nasdaq notch highest closes since early 2022
- U.S. economy adds 199,000 jobs in November
- Fed should 'lowball' rate cuts expectations next week says analyst after strong jobs data
- Bernstein's best idea for 2024? Short Tesla stock
- Analysts defend Broadcom as annual guidance falls short after FQ4 earnings beat
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]
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Nikola (NKLA) prices common stock, convertible notes offering
- Stellantis (STLA) temporarily cuts shift at Jeep plant
- Crown Castle (CCI) CEO to step down amid Elliott pressure; Shares gain
Create E-mail Alert Related CategoriesCorporate News, General News, Hot List, Management Comments
Related EntitiesMichael Elkins
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!