Why Nikola Corporation Stock Is Trending

Nikola Corporation NKLA shares are trading higher Friday after the company announced an agreement with ITD Industries, Inc. to become the first dealer for Nikola Class 8 EV trucks in Canada.

The Details:

ITD will integrate a premier Nikola showroom and service department into its manufacturing facility in Toronto, marking the expansion of Nikola's dealer network into Canada.

Nikola CEO Steve Girsky stated, "Bringing ITD on board as our first Canadian dealer is an exciting move for Nikola. Canada's zero-emission vehicle friendly environment for Class 8 trucks, fueled by attractive incentives and its ambitious carbon reduction goals, makes it a strategic market for the future of transportation."

Shares of NKLA are up more than 40% since Wednesday on heavy trading volume. According to data from Benzinga Pro, more than 98 million shares have already been traded in the session, compared to the stock's 100-day average of just over 90 million shares.

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NKLA Price Action: According to Benzinga Pro, Nikola Corporation shares are up 10% at $1.27 at the time of publication.

Image: Courtesy of Nikola Corporation