Nikola stock bounces after LOI for an order of 100 electric vehicles for port trucking company

Shares of Nikola Corp.
NKLA,
-2.69%

bounced 5.4% in premarket shopping and selling Thursday, putting them heading within the correct course to snap a seven-day shedding breeze, after the electric automobile maker announced a letter of intent (LOI) for the hiss of 100 semi-vehicles. The LOI is share of a collaboration with California-based completely port trucking company Total Transportation Companies and products Inc. to expedite zero-emission transportation on the port of Los Angeles/Prolonged Coastline. The semi-truck hiss entails battery-electric vehicles (BEV) and fuel-cell electric vehicles (FCEV). The hiss will delivery with a four-truck pilot within the principle half of 2022. If automobile trials are ample, and Total Transportation obtains drag executive funding, 30 BEVs are projected to be delivered later in 2022 and 70 FCEVs are anticipated to delivery in 2023. Nikola’s stock, which tumbled 15.6% over the past seven classes, has plunged 55.9% over the past three months, whereas the S&P 500
SPX,
+0.82%

has won 7.2%.

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