J.B. Hunt Buys 13 Zero-Emission Trucks From Nikola, Focuses On Greener Future

J.B. Hunt Transport Services, Inc. JBHT subsidiary plans to buy 13 zero-emission Class 8 trucks from Nikola Corp NKLA.

The acquisition is at par with J.B. Hunt's goal to reduce carbon emission intensity by 32% by 2034 (with a 2019 baseline).

The initial truck order comprises ten battery-electric and three hydrogen fuel-cell electric vehicles, with the first vehicles expected to be delivered in August 2023. 

The trucks will be strategically situated at facilities servicing J.B. Hunt's key routes, which include the greater Los Angeles and Phoenix areas.

Nikola's hydrogen subsidiary will provide the hydrogen and fueling infrastructure to JBHT.

"It's important for us to be at the forefront of new technologies and innovative solutions that have the potential to change the way we move freight. These zero-emission trucks from Nikola advance our progress towards achieving our ambitious goal to reduce carbon emission intensity through viable solutions," said Nick Hobbs, chief operating officer and president of contract services at J.B. Hunt. 

This month, JBHT posted quarterly earnings of $1.81 per share, missing market expectations of $1.92 per share. The company’s quarterly sales came in at $3.13 billion, missing estimates of $3.31 billion.

As of June 30, 2023, the company had cash and cash equivalents of approximately $296 million.

Price Action: JBHT shares are trading lower by 0.55% at $204.42 on the last check Monday.

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