Nikola Corporation (NASDAQ:NKLA), a pioneer in zero-emissions solutions, in collaboration with the California Department of Transportation (Caltrans), has secured a $41.9 million grant from the California Transportation Commission (CTC). The funds will facilitate the construction of six heavy-duty hydrogen refueling stations across Southern California. The development aligns with Caltrans’ commitment to promoting zero-emission vehicle freight technology and providing safe truck parking areas. Nevertheless, the stock is down significantly at the time of writing.
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Set up in strategic locations, these stations are projected to make significant environmental strides by reducing carbon emissions. Each station will be scalable, catering to the expected growth in demand for heavy-duty hydrogen refueling while providing ample truck parking. The initiative aims to improve local air quality, lessen noise pollution, facilitate refueling of up to 100 trucks per station daily, and set up infrastructure ready for the anticipated surge in Nikola’s hydrogen fuel cell electric vehicles adoption.
Is Nikola a Buy or a Sell Now?
Turning to Wall Street, analysts have a Hold consensus rating on NKLA stock based on one Buy, three Holds, and zero Sells assigned in the past three months, as indicated by the graphic above. Nevertheless, the average price target of $3.25 per share implies 141.64% upside potential.
