Covenant Logistics Inks Letter Of Intent For 50 Nikola Zero-Emission Vehicles

Covenant Logistics Group Inc CVLG has signed a collaboration agreement with Nikola Corp NKLA to add 50 zero-emission vehicles to its fleet.
The agreement includes a Letter of Intent (LOI) for 10 Nikola Tre battery-electric vehicles (BEVs) and 40 Nikola Tre fuel cell electric vehicles (FCEVs).
The delivery of the first Tre BEV truck and mobile charging trailer for testing is expected in Q2 2022, with the Tre FCEV testing expected to follow in 2023.
"While the Tre BEV is ideally suited for short-haul, metro-regional applications, the Nikola Tre FCEV has an anticipated range of up to 500 miles and is expected to be a valuable addition to their highway regional operation," said Pablo Koziner, president of Nikola's Energy and Commercial division.
Price Action: NKLA shares are trading higher by 2.77% at $10.20 on the last check Tuesday.