Nikola soars 22% after securing order for 2,500 electric garbage trucks | Markets Insider

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Nikola soars 22% after securing order for 2,500 electric garbage trucks | Markets Insider
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Nikola soars 22% after securing order for 2,500 electric garbage trucks

surged as much as 22% on Monday after securing an order for at least 2,500 electric garbage trucks and, in turn, completing one of its three 2020 goals.

Nikola announced Monday it will work with trash collection firm Republic Services to develop and produce the vehicles to create the industry's first large-scale fleet electrification. The trucks will begin joining Republic's fleet in 2023 after testing through 2022. The deal could expand to 5,000 vehicles, according to theThe use of electric vehicles should create"significant operating cost savings and environmental benefits," Jon Vander Ark, president of Republic, said.

Milton told The Journal that Nikola still aims to find an automaker with which to produce its Badger electric pickup truck. The company also seeks a partner for creating a network of hydrogen fuel stations. The Republic deal marks Nikola's first large-scale order since selling as many as 800 hydrogen-electric trucks to Anheuser-Busch in 2018. Hype around the company has since skyrocketed on hopes that it can compete with Tesla's upcoming Semi truck. Nikola shares have rallied more than 21% after the firm began trading publicly on June 4.We want to hear from you. Reach out to grapier@businessinsider.

Russell told analysts they had to trust"there's a lot more going on than what you see in the announcements," and that orders would be revealed"when we are able to announce those publicly."Now read more markets coverage from Markets Insider and Business Insider:

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