Why XL Fleet Stock Jumped Today
Shares of XL Fleet (NYSE: XL) have taken a beating since a short-seller report in February said its sales order pipeline has been exaggerated. Today a new order announcement from the company that electrifies fossil-fuel-powered trucks has investors buying back in. At 10:30 a.m. EDT, shares in XL Fleet were up 26% over Tuesday's closing price.
XL Fleet said it received an order to electrify the vehicle fleet of Apex Clean Energy, a Virginia-based developer and operator of utility-scale wind and solar power facilities across North America. The order is the first fleet electrification investment for Apex as it aims to reduce its carbon emissions. The order consists of 19 electrified Ford (NYSE: F) F-series pickup trucks. It will be split between 10 plug-in hybrid and nine hybrid electric fleet vehicles, with delivery expected in the second quarter of 2021.
Source Fool.com
