Nikola
Nikola Motors jumped 22% on Monday after getting an order for at least 2500 garbage trucks and, in turn, achieving one of its 3 targets by 2020.
Nikola announced Monday that he will work with the Waste Collection Company Republic Services to expand and produce the cars needed to create the industry’s first large-scale fleet electrification. Trucks will begin joining the Republic’s fleet in 2023 after testing until 2022. The deal could increase to 5,000 cars, according to the statement.
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The Wall Street Journal first reported on the order.
The agreement completes one of Nikola’s goals for the year. Founder Trevor Milton had said in the past that the truck manufacturer planned to place a main order until the end of 2020.
Milton told the Journal that Nikola still aims to locate an automobile manufacturer with whom to produce his Badger electric van. The company is also for a spouse to create a network of hydrogen fuel stations.
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However, some expect more concrete evidence of the company’s prospects before stacking. Analysts pressed Nikola on his August four earnings request for the main points of the new orders, but earned little in return. JPMorgan analyst Paul Coster asked executives, “Is that all we get?” the Q&A part of the call before requesting data about Nikola’s product program and order expectations.
Russell told analysts that they had to accept as true that “there is much more happening than what is seen in the ads” and that the orders would be revealed “when we can announce them publicly.”
Nikola was trading at $41.76 at 10:10 a.m. ET on Monday.
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