NKLA - Nikola gains after announcing new order in Germany

Nikola Corporation ( NASDAQ: NKLA ) announced on Monday that it inked a letter of intent along with truck maker Iveco for an order of 100 Class 8 heavy-duty Nikola Tre hydrogen fuel cell electric vehicles from Germany-based GP JOULE.

The Nikola Tre FCEVs in the European 6x2 variant will be manufactured by the joint venture between Nikola and Iveco Group at the site created in Ulm, Germany.

Thirty of the initial 100 Nikola Tre FCEVs are expected to be delivered to GP JOULE within 2024 to be followed by the delivery of the remaining 70 vehicles in 2025. GP JOULE will make the 100 Nikola trucks available to its customers in transport and logistics.

GP JOULE and Iveco Group have agreed to market additional FCEVs to customers in Europe beginning in 2026. GP JOULE will provide them with 100% green hydrogen at their hydrogen refueling station network.

"The order from GP JOULE will be an example of how the Nikola Tre FCEV can further support commercial customers in Germany in their transition towards zero-emissions several years ahead of other OEMs," noted Nikola ( NKLA ) CEO Michael Lohscheller.

Shares of Nikla ( NKLA ) moved up 3.97% in premarket trading.

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