By Sam Boughedda
Investing.com — Shares of Nikola Corp (NASDAQ:NKLA) 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:SAIA) 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.