What's Going On With Nikola Stock?

Nikola Corporation NKLA shares are moving higher on Monday. The company announced an agreement in which J.B. Hunt Transport, Inc. JBHT will purchase 13 Nikola zero-emission Class 8 EV trucks.

What To Know:

The initial order will include 10 battery-electric and three hydrogen fuel cell Nikola electric vehicles. Delivery of the first vehicles is expected in August. Nikola's hydrogen division, HYLA, will supply the hydrogen and fueling infrastructure for the vehicles.

"We are thrilled that the industry leader for supply-chain solutions has chosen our Nikola Class 8 battery-electric and hydrogen fuel cell electric trucks to use for their operations," said Nikola CEO, Michael Lohscheller.

"Their purchase and use of these zero-emissions trucks are a testament to the hard work of our engineering, development and manufacturing teams, who created a robust, highly advanced truck lineup, as well as our HYLA hydrogen infrastructure solutions, which are designed to benefit companies such as J.B. Hunt."

Shares of NKLA are up more than 20% on heavy trading volume. According to data from Benzinga Pro, more than 70 million shares have already been traded in the session, compared to the stock's 100-day average of 67.19 million shares.

Nikola will release its second quarter financial results Friday before the market open and will hold a conference call to discuss the results at 10:30 a.m. ET the same day.

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NKLA Price Action: According to Benzinga Pro, Nikola shares were trading 20.6% higher at $2.74 at the time of publication.

Image: Courtesy of Nikola Corporation