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Why Shares of Nikola Are Racing Higher Today

TheMotleyFool

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Why Shares of Nikola Are Racing Higher Today: https://g.foolcdn.com/editorial/images/739649/an-investor-smiles-while-working-on-a-laptop.jpg

After tumbling lower on Tuesday and Wednesday, shares of Nikola (NASDAQ: NKLA) are roaring back today. Investors are charged up about the manufacturer of battery-electric and hydrogen-electric vehicles thanks to a deal that the company announced this morning.

As of 12:09 p.m. ET, Nikola stock has risen 30.1%.

Nikola and BayoTech, a developer of hydrogen production, storage, and transportation solutions, announced a strategic supply agreement today. Beginning in 2023, BayoTech will buy 50 fuel cell-electric Class 8 trucks from Nikola over the next five years with 12 of the trucks delivered by the end of 2024. The trucks have a range of 500 miles and can be used in a variety of applications including drayage and specialized hauling.

Source Fool.com

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