Shares of Nikola Corporation (NASDAQ: NKLA) surged nearly 7% on Tuesday after J.B. Hunt Transport (NASDAQ: JBHT) agreed to purchase 13 Nikola zero-emission Class 8 EV trucks.
J.B. Hunt Transport (NASDAQ: JBHT) has inked a deal with Nikola Corporation to procure 13 Nikola zero-emission Class 8 EV trucks. The initial order comprises ten battery-electric and three hydrogen fuel-cell Nikola electric vehicles, with delivery of the first batch expected in August this year. Nikola’s hydrogen division, HYLA, will provide hydrogen and fueling infrastructure for these vehicles.
J.B. Hunt Transport, boasting a market capitalization of over $20 billion, is by far the largest customer that Nikola has secured.
NKLA’s stock has been on a meteoric rise, surging 300% since the end of May. This strong rally is fueled by multiple catalysts, including Nikola’s partnerships for hydrogen supply and fueling infrastructure and decisive measures to strengthen its financial standing.
Two weeks ago, Nikola made headlines by selling its Arizona hydrogen hub to Fortescue Future Industries (FFI), an Australia-based entity to reduce capital spending and boost cash flow.
In addition, Nikola management expects to gain sufficient shareholder support for an important proposal to help it raise future capital when the company reconvenes its shareholder meeting later this week.
The surge in NKLA’s share price has also brought the company back into compliance with the Nasdaq Stock Exchange’s listing requirements. Previously, the stock was at risk of being delisted as it had dipped significantly below the $1 per share mark in late May.
Investors and industry watchers are eagerly awaiting Nikola’s second-quarter financial results, which are set to be released on Friday before the market opens. A conference call to discuss the results is scheduled for 10:30 a.m. ET on the same day.
