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Nikola Jumps on 100-Vehicle Plan With L.A. Port Trucking Firm

Total Transportation Services, providing trucking services at the L.A./Long Beach port, signed a letter of intent to order 100 Nikola EVs.
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Shares of Nikola (NKLA) - Get Nikola Corporation Report were higher after the electric-vehicle maker said Total Transportation Services signed a letter of intent to order 100 Class 8 battery and fuel-cell electric semi-trucks.

TTSI, one of Southern California's most prominent port trucking companies, is looking to expedite its plan for zero-emission transportation at the port of Los Angeles/Long Beach. 

"The Nikola Tre trucks are exactly the type of zero-emission solution we need to be using at the port," said Vic LaRosa, president of TTSI. 

"Our trucks operate for 18-20 hours a day, making the benefits of the Nikola portfolio a perfect match for our needs."

The Nikola Tre BEV is designed for local deliveries up to 350 miles, while the Nikola Tre FCEV truck is targeted for distances up to 500 miles, Nikola said.

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Nikola shares at last check jumped 2.3% to $10.66.

The letter of intent is for 100 zero-emission trucks. A four-truck pilot is slated to start in the first half of 2022, consisting of two battery electric vehicles and two fuel cell electric vehicles.

Based on the satisfactory completion of those vehicle trials, and subject to the company obtaining certain government funding, Nikola will then deliver 30 battery EVs later in the year and 70 FCEVs starting in 2023. 

"TTSI's decision to utilize both Nikola BEV and FCEV vehicles speaks to their forward-looking and strategic mindset in covering a variety of hauling distances and loads, while still contributing to California's clean-air initiatives," Nikola's global head of BEVs, Michael Erickson, said in a statement.

Nikola is scheduled to report first-quarter results on Friday. Analysts surveyed by FactSet are expecting a loss of 27 cents a share.