Nikola’s stock jumps after securing 2,500 electric garbage truck order

/ / News

Shares of Nikola Corp. shot up 14% in premarket trading Monday, after the electric truck maker confirmed it secured an order to maker at least 2,500 electric garbage trucks for Republic Services Inc. for an undisclosed amount. The company said it expects to begin testing the trucks in early 2022, with full production deliveries in 2023. According to a report in The Wall Street Journal, the battery-powered trucks Nikola will make can travel 150 miles on a charge. Although the price of the trucks in the Republic Services order isn’t disclosed, Founder Trevor Milton told the WSJ that the company is committed to a price tag under $500,000 per vehicle, which is the going rate for electric garbage trucks currently sold by Nikola’s competitors. Nikola’s stock has more than doubled (up 122%) over the past three months through Friday, while the S&P 500 has gained 14.4%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.