Alta Equipment Inks Dealer Agreement With Nikola

Alta Equipment Group Inc ALTG has entered into a dealer agreement with Nikola Corporation NKLA to sell and service Nikola’s medium and long-haul Class 8 EV/FCEV trucks in the NY, NJ, eastern PA, and New England markets.
The financial terms of the agreement were not disclosed.
This agreement marks Alta’s expansion into the Class 8 commercial vehicle/equipment segment and builds upon its eMobility strategy.
“The Nikola partnership should complement Alta’s history of battery-electric and hydrogen fuel-cell technology via their materials handling business and add to its growing eMobility vertical by fulfilling its long-term commitment to clean technologies,” commented Nikola President, Energy and Commercial Pablo Koziner.
Price Action: ALTG shares closed higher by 4.18% at $12.97, while NKLA closed lower by 5.11% at $10.40 on Tuesday.
Photo by Raquel Baranow via Wikimedia