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Why Nikola Stock jumped again today

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What happened

Nicolas (NASDAQ: NKLA) the stock continues its recent winning streak on Wednesday after gaining nearly 10% in the last five trading days. Today, Nikola shares jumped 5.8% before cutting those gains to 3.3% at 3:05 p.m. EDT.

So what

The electric semi-trailer start-up plans to launch its first battery-electric vehicle in the coming months, followed by hydrogen fuel cell vehicles. The company has grown its nationwide dealer network in anticipation of the launches and today announced a new partnership.

Nikola Tre battery electric truck. Image source: Nikola.

Today’s news that Nikola has added the more than 100-year-old Quinn company to its sales and service dealer list spans the 116 dealer locations that Nikola has already advertised.

Now what

Quinn provides Nikola’s customers with a sales and service provider covering the southern and central California regions. Nikola previously announced that its dealer network is located in the Northeastern United States, as well as through five additional independent dealers in nine states.

The company’s shares are also likely to benefit from the potential passage of a new infrastructure bill which, in its current form, provides for investments in renewable energy and the growth of electric vehicles. In addition to its vehicles, Nikola plans to develop hydrogen fuel infrastructure and has invested $ 50 million in a clean hydrogen project in the Midwest to support its planned trucking operations in the region.

With this speculative stock down 30% since the start of 2021, some aggressive investors seem to think the time may be right to add stocks as the start of Nikola’s operational activity looks closer.

This article represents the opinion of the author, who may disagree with the “official” recommendation position of a premium Motley Fool consulting service. We are heterogeneous! Challenging an investment thesis – even one of our own – helps us all to think critically about investing and make decisions that help us become smarter, happier, and richer.

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