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Why Nikola Stock Is Moving Higher Today

TheMotleyFool

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Why Nikola Stock Is Moving Higher TodayPhoto, wide shot, wide-angle lens, Diversified industrial company, sunset photo at golden hour, photo by Ansel Adams: https://img.midjourneyapi.xyz/temp/3bc2ecaa-ddda-4d9f-865e-4df253bbd22f.png

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.

Source Fool.com

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