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Nikola’s stock rallies after lease agreement with PGT Trucking on 100 FCEVs

Shares of Nikola Corp.
NKLA,
-0.97%

rallied 3.4% in premarket trading Thursday, after the electric truck maker announced a collaboration agreement with PGT Trucking Inc. that includes the leasing of 100 Nikola Tre heavy-duty fuel cell electric vehicles (FCEV). The lease with PGT, a flatbed transportation company, includes scheduled maintenance and hydrogen fueling services. Deliveries of the FCEV to PGT are expected to begin in 2023, which is when production is expected to commence at Nikola’s Coolidge, Arizona facility. Nikola’s stock has slumped 25.6% year to date through Wednesday, while the S&P 500
SPX,
+1.56%

has gained 16.2%.

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