Nikola Corp. NKLA said Friday it’s expanding its dealer sales and service network into Canada, via a partnership with ITD Industries Inc., a commercial trailer maker and technology business based in Toronto. ITD’s Toronto Nikola showroom and service operations will be integrated into its manufacturing facility with 55-foot ceilings and more than 78,000 square feet. ITD has built more than 20,000 trailers over two decades and has a growing base of customers in Canada. “Canada’s zero-emission vehicle friendly environment for Class 8 trucks, fueled by attractive incentives and its ambitious carbon reduction goals, makes it a strategic market for the future of transportation,” Nikola CEO Steve Girsky said in a statement. Nikola will be eligible for Canada’s Incentives for Medium- and Heavy-Duty Zero-Emission Vehicles (iMHZEV) Program, which offers up to CAD200,000 in incentives for the purchase or lease of Nikola’s hydrogen fuel cell electric truck and up to CAD$150,000 in incentives for the purchase or lease of its battery-electric truck. Nikola’s stock was up 14% premarket, rising with other EV stocks as auto workers represented by the UAW went on strike, weighing on the stocks of the big three car companies. The stock has fallen 47% in the year to date, while the S&P 500 SPX has gained 17.3%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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