NKLA - Nikola (NKLA) Stock Pops on Canadian Expansion News
2023-04-25 10:02:22 ET
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Nikola (NASDAQ: NKLA ) stock is getting a boost on Tuesday following news that the electric vehicle (EV) company is expanding its business to Canada .
According to a press release from the EV company, Nikola has expanded into Alberta, Canada with the sale of a Nikola Tre battery-electric vehicle (BEV) and a Nikola Tre hydrogen fuel cell electric vehicle (FCEV). These vehicles were sold to the Alberta Motor Transport Association (AMTA).
AMTA intends to introduce these vehicles in its Hydrogen Commercial Vehicle Demonstrations Project. The organization has also secured the refueling support needed for them from Nikola.
Doug Paisley, Board Chair at AMTA, said the following about the purchase:
“We are excited to put these Nikola trucks to work in Alberta and begin collecting performance data, raising awareness to this advanced technology, promoting early adoption, and creating industry confidence in such an innovative technology.”
What This Means for NKLA Stock
Investors are excited about what this news means for NKLA stock. If the performance of the vehicles goes well, it could result in more deals with Canadian agencies seeking out the company’s offerings.
That’s especially true as Canada is moving toward decarbonization. If the country continues down this route, it may mean more business for Nikola, which would be a benefit to NKLA stock.
NKLA is up slightly as of Tuesday morning after seeing larger gains during pre-market trading.
Investors can find more of the latest stock market news below!
We’ve got all of the hottest stock market news traders need to know about on Tuesday! A few examples include why shares of In8bio (NASDAQ: INAB ), First Republic Bank (NYSE: FRC ) and TRACON Pharmaceuticals (NASDAQ: TCON ) are moving today. You can catch up on all of this news at the following links!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines .
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