The Nikola Corp. stock (NASDAQ: NKLA) has been on a significant upward trend recently. The surge in the stock’s value can be attributed to a series of positive developments. The major catalyst was the announcement of the company winning a significant order which shot up the stock by 20.6% toward a nine-month high in premarket action on a Tuesday [1]. Additionally, the stock rose more than 60% in a single day in response to a substantial order from BayoTech for 50 trucks [2]. This momentum continued, with the stock zooming another 20% higher on the following Tuesday [3]. The cumulative effect of these developments has resulted in a whopping increase of 127.74% in the past month and a daily increase of 16.85%.
References: [1] Nikola stock soars toward a 9-month high after winning … [2] Nikola Scores a New Order. The Stock Is Soaring. [3] Nikola Corporation (NKLA) Stock Price, News, Quote & …
The Nikola Corporation, a significant player in the zero-emissions transportation industry, has been experiencing a considerable surge in its stock prices and market share. This article will take an in-depth look at the recent developments and grants that have sparked interest in Nikola’s future.
A Surge in Nikola’s Stock
Recently, Nikola’s stock has seen a remarkable rise. Its shares have soared over 500% in the past month, rebounding from a significant dip in 2020. The stock, which had plummeted by 99% from its peak of $94 after its listing, has made a notable recovery, currently trading at $3.12. This resurgence is primarily attributed to a series of substantial orders and grants that the company has secured.
A Prominent Order from J.B. Hunt
J.B. Hunt Transportation, a freight giant, has placed an order with Nikola for 13 zero-emission vehicles. These include 10 battery electric vehicles (BEVs) and three hydrogen fuel cell vehicles. The delivery of these vehicles is expected to commence within the month. This order has significantly boosted investor confidence in Nikola, contributing to the surge in its stock value.
Nikola’s Impressive Grant Wins
Nikola’s impressive performance isn’t limited to its stock action. The company has recently been awarded a $16.3 million grant, which will fund the construction of seven open network hydrogen fuel stations. This award is part of the California grant awards and government funding program, and it brings Nikola’s total grant wins over the past 30 days to a staggering $58.2 million.
Earlier, the California Transportation Commission granted Nikola a $41.9 million award under the Trade Corridor Enhancement Program. This grant will fund the construction of six hydrogen refueling stations across Southern California, in collaboration with the California Department of Transportation.
Nikola’s Zero-Emission Hydrogen Fuel-Cell Electric Trucks
Despite primarily manufacturing BEVs, Nikola has recently announced the commencement of manufacturing Tre hydrogen fuel cell electric trucks. These zero-emission vehicles are produced and distributed under Nikola’s brand, HYLA.
Funded by the recent grants, the seven hydrogen refueling stations will serve as critical enablers for these vehicles. Nikola plans to create an open network of commercial hydrogen refueling stations, initially in California and eventually throughout North America.
Nikola’s Business Strategy
In June, Nikola’s management announced significant changes to its business strategy. The company plans to reorganize its workforce and cut costs, while remaining focused on the launch of its heavy-duty Class 8 hydrogen fuel cell electric truck in the third quarter of 2023. The company’s BEV deliveries in the first half of 2023 also surpassed its total deliveries in 2022. As of June 16, Nikola has received 178 orders for the truck from 14 customers.
These strategic changes have reignited significant investor interest in Nikola, with high hopes for the company’s second-quarter earnings release, scheduled for August 4.
About Nikola Corporation
Nikola Corporation is a global innovator in the transportation industry. As a designer and manufacturer of zero-emission battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure, Nikola is revolutionizing the economic and environmental impact of commerce.
Nikola’s Future Endeavors
Nikola has ambitious plans for the future. With the recent grants and partnerships, the company aims to establish a comprehensive zero-emission transportation solution. Nikola is working on building an integrated hydrogen ecosystem to support hydrogen fuel cell electric truck deployment, creating a scalable energy business.
For more information, visit Nikola’s official website.
Forward-Looking Statements
Nikola has made some forward-looking statements concerning its goals and strategies. These include the potential benefits from various funding awards, the production of hydrogen fuel cell electric trucks, and Nikola’s ability to develop a hydrogen fueling infrastructure via its HYLA brand.
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