Nikola Inks Sales, Service Agreement With Rig 360 Chain

Nikola will offer sales and service products at more than 65 Rig 360 dealerships, which are located throughout the Southeast, Midwest and Northeast.
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Nikola  (NKLA) - Get Report shares rose Thursday after the electric truck maker and Rig 360, a truck-service-center chain, announced they’re joining forces to provide Class 8 truck sales and service coverage.

Nikola will offer sales and service products at more than 65 Rig 360 dealerships, which are located throughout the Southeast, Midwest and Northeast.

Nikola called the deal “its first step in establishing a nationwide plan for its Class 8 truck sales and service coverage.”

“Rig 360 is a premier network of dealers that are committed to the highest levels of service support,” said Nikola Energy and Commercial President Pablo Koziner. “These dealers will provide Nikola customers with market leading sales and service while helping them maximize operational efficiencies and vehicle uptime.”

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Further, “Nikola and Rig 360 expect to finalize distribution plans and agreements in the coming months in order to fully support customers in the sale and service of the Nikola Tre BEV which will be launched later this year, as previously announced,” Nikola said.

Nikola stock recently traded at $12.56, up 2.20%.

In other Nikola news, Bloomberg reported Wednesday that Jesse Schneider, who was hired as the group's vice president of hydrogen and fuel cell technologies in 2018, left Nikola April 1.

And on Monday, Nikola disclosed that its founder, Trevor Milton, last week sold $48.6 million of its stock. He sold 3.5 million shares for $13.89 apiece, the company said .

Nikola's stock has dropped 52% over the past six months. That slide came after an investment firm accused Milton of misstatements about the company.