The stock of Nikola Corporation (NKLA) stock gained in the current market. The stock of Nikola Corporation (NKLA) was valued at around $10.66 in the current market. NKLA gained more than 2.6% from the previously closed value in the current market. At the end of the last trading session, the stock of NKLA closed at $10.44. The stock’s trading volume in the previous session was around 15.97 million shares.
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Reason for the NKLA stock gain
Nikola Corporation (NKLA) is one of the global leaders in energy infrastructure and zero-emissions transportation solutions. They announced in a press release that the Bus Voucher Incentive Project program by the California Air Resources Board has considered its Nikola Tre battery-electric vehicle (BEV) for the Hybrid and Zero-Emission Truck.
After this approval, the customers can now apply for an incentive valued at $120K per truck of the Nikola Tre BEV. It will help decrease the total ownership price for any buyer using the trucks in California State.
HVIP is the most premature model in the United States, Launched by the California Air Resources Board in 2009. It has the latest features to reduce the incremental cost of commercial vehicles.
In the current Class 8 tractors range, Nikola Tre BEV anticipates that they have the most comprehensive range. The range of the tractors is up to 350 miles. It has a sound-free ride with no odour of diesel emissions. It has improved visibility and manoeuvrability in the Tre’s cabover design ideal for metro-regional applications.
Effect on the NKLA stock gain
A soon as the news hit the market, the stock of NKLA gained in the market. Investors were responding positively to the consideration of the Nikola Tre battery-electric vehicle (BEV) for the Hybrid and Zero-Emission Truck by the California Air Resources Board.
Conclusion
The new development in the business will bring more revenue to the company, ultimately strengthening the income stream and increasing the company’s market share. The new revenue stream with its new product will strengthen the company and increase its valuation.
