CVLG - Why Nikola Stock Is Moving Higher Today
Shares of electric heavy-truck start-up Nikola (NASDAQ: NKLA) were trading higher on Tuesday, after the company announced that Covenant Logistics Group (NASDAQ: CVLG) has signed a letter of intent to buy 50 of Nikola's electric semi trucks, if a test program goes well.
As of 11:15 a.m. ET today, Nikola's shares were up about 5.1% from Monday's closing price.
Nikola said that Covenant Logistics, a long-haul trucking firm based in Chattanooga, Tennessee, has agreed to purchase 10 battery-electric (BEV) Tre semis, and 40 fuel-cell-powered (FCEV) Tres, once a demonstration program has been completed to both companies' satisfaction.
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Why Nikola Stock Is Moving Higher Today