Why XL Fleet Stock Jumped Today

Shares of XL Fleet (NYSE: XL) moved higher Thursday after the electric-vehicle (EV) company announced a new strategic partnership. As of 1 p.m. EST, shares had gained 7.7%. 

XL Fleet began trading publicly in December 2020 after merging with a special purpose acquisition company (SPAC). The company provides hybrid and plug-in hybrid electric drive systems for commercial fleet vehicles built by automakers Ford, General Motors, and Isuzu, as well as for fleet owners like PepsiCo and FedEx. 

Today, the company announced a partnership with Curbtender, a designer and manufacturer of refuse collection vehicles. The companies will jointly develop fully electric, plug-in hybrid, and hybrid refuse trucks beginning this year. 

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Source Fool.com