Shares of Nikola Corporation (NYSE: NKLA) soared more than 20% today after the maker of electric trucks announced a deal to provide waste management firm Republic Services with 2,500 electric, zero-emission garbage trucks.
Under the terms of the deal, Nikola will start with road testing next year before delivering the full amount of trucks in 2023. Eventually, the deal could rise to 5,000 trucks.
“Nikola specializes in heavy-duty, zero-emission Class 8 trucks. The refuse market is one of the most stable markets in the industry and provides long-term shareholder value,” founder Trevor Milton said in a statement.
Ready to put what you’ve learned into practice?
Try IG’s platform with £10,000 in virtual funds and practise trading
without putting your own money at risk.
Try IG with a demo account →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Learn the markets with IG Academy
Build your knowledge with IG Academy educational content, then use a
demo account to practise what you’ve learned on the IG platform.
Explore IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
See how trading works before risking real money
IG’s demo gives you access to thousands of markets and £10,000 in
virtual funds, so you can explore the platform and test your ideas first.
Open an IG demo →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Turn trading theory into practical experience
Learn with IG Academy, explore charts and market tools, and practise
strategies in a simulated trading environment before going live.
Start practising with IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Ready to take your learning further?
IG combines market education, analysis and an established trading platform,
giving you the tools to keep learning as you develop your trading skills.
Discover IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
According to Milton, the latest deal pushes the backlog to over 14,000 units, worth over $10 billion.
Nikola is pushing to release its first truck next year, before Tesla’s Semi truck. Its factory in Arizona, currently in the construction phase, has the capacity to produce 35,000 units a year on two shifts.
A few days ago, Nikola reported a $119 million loss for the first half of the year.
Nikola share price traded above $44 briefly today before pulling back to $40.80.
