EV maker Nikola (NASDAQ:NKLA) is expanding its dealer network footprint into Canada for its Class 8 trucks in a partnership with ITD Industries. The announcement has sent Nikola shares 13% higher in the pre-market session today.
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ITD is a leading name in the production of transportation equipment and has a customer network spanning Canada and the U.S. Canada’s favorable zero-emission vehicle-friendly policies provide a promising setup for Nikola. ITD will now include Nikola’s Class 8 trucks in its product offerings.
Furthermore, ITD is investing in electric trailer technology, and the partnership with Nikola aligns with its strategy of introducing clean transportation solutions into the Canadian market.
Importantly, Canada’s Incentives for its Medium and Heavy-Duty Zero-Emission Vehicles (iMHZEV) program, along with the Clean BC Go Electric Rebates in the province of British Columbia, could mean significant growth for Nikola.
Overall, the Street has a consensus price target of $2.50 on Nikola, alongside a Hold consensus rating. After a 78.6% correction in Nikola shares over the past year, the consensus price target points to 117.4% potential upside in the stock.
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