Nikola's Tre EV Qualifies as a Zero-Emission Vehicle In California – UK

© Reuters

By Sam Boughedda — Shares of Nikola Corp (NASDAQ:) rose 3.7% Thursday on the news its Tre battery-electric vehicle has been approved for the Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP) program by the California Air Resources Board.

Nikola shares touched a high of $11.45 following the announcement.

The approval means buyers of the Nikola Tre can qualify for an incentive valued at $120,000 per truck. The incentive helps reduce the total cost of ownership for customers in California.

“We applaud CARB’s commitment to a greener future through the HVIP program,” said Michael Erickson, Nikola’s global head, battery-electric vehicles.

“Our HVIP approval is anticipated to help dramatically reduce greenhouse gas emissions and lowers the total cost of ownership for Nikola’s California-based customers.”

Last week Saia Inc (NASDAQ:) said it had signed a letter of intent to purchase or lease 100 Nikola Tre, while on Tuesday, Covenant logistics said it had signed a letter of intent to add 50 of the vehicles to its fleet.

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