J.B. Hunt Expands Fleet with 20 Nikola EVs: What's Going On?

J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT) shares are trading slightly higher on Friday following the announcement of the addition of 20 Nikola Corporation (NASDAQ:NKLA) Tre fuel cell electric vehicles (FCEVs) to enhance sustainability solutions for customers with freight needs along the West Coast.

The Nikola FCEVs will complement the more than 200 alternative-powered vehicles that J.B. Hunt currently operates for its customers, including battery-electric, hydrogen-electric, and renewable natural gas (RNG) vehicles.

“Zero-emission vehicles such as these will help along the path to generate viable, sustainable options that help customers advance their efforts to reduce carbon emissions,”  said Greer Woodruff, executive vice president of safety, sustainability, and maintenance at J.B. Hunt.

Nikola will provide fueling and infrastructure support through its HYLA brand. According to Benzinga Pro, NKLA stock has lost over 90% in the past year.

Also Read: Nikola CEO Steve Girsky Is Not Worried About Competition From Tesla: ‘...Battery Trucks Don’t Work Everywhere’

Earlier, in 2023, J.B. Hunt acquired three Nikola FCEVs that are now supporting dedicated customer operations.

Recently, the company launched a pilot program with Clean Energy featuring the new Cummins X15N engine, which represents the latest advancements in RNG-powered vehicles.

Additionally, J.B. Hunt has helped customers like Daimler Truck North America and Electrolux incorporate alternative-powered vehicles into their operations.

According to Benzinga Pro, JBHT stock has lost over 6% in the past year. Investors can gain exposure to the stock via Vesper US Large Cap Short-Term Reversal Strategy ETF (NYSE:UTRN) and iShares Trust iShares U.S. Transportation ETF (BATS:IYT).

Price Action: JBHT shares are trading higher by 1.25% to $173.65 at last check Friday. NKLA shares were up 2.39% to $4.28.

Read Next:

Tesla Cranks Up The Heat In China, Extends 5-Year, 0% Interest Loan Offer to Oct 31

Photo via Shutterstock

UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets.

Get the latest stock analysis from Benzinga?

JB HUNT TRANSPORT SERVS (JBHT): Free Stock Analysis Report

This article J.B. Hunt Expands Fleet with 20 Nikola EVs: What's Going On? originally appeared on Benzinga.com

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.