Shares of Nikola Corp.
NKLA,
+0.63%
bounced 5.4% in premarket trading Thursday, putting them on track to snap a seven-day losing streak, after the electric vehicle maker announced a letter of intent (LOI) for the order of 100 semi-trucks. The LOI is part of a collaboration with California-based port trucking company Total Transportation Services Inc. to expedite zero-emission transportation at the port of Los Angeles/Long Beach. The semi-truck order includes battery-electric vehicles (BEV) and fuel-cell electric vehicles (FCEV). The order will start with a four-truck pilot in the first half of 2022. If vehicle trials are satisfactory, and Total Transportation obtains certain government funding, 30 BEVs are projected to be delivered later in 2022 and 70 FCEVs are expected to start in 2023. Nikola's stock, which tumbled 15.6% over the past seven sessions, has plunged 55.9% over the past three months, while the S&P 500
SPX,
+0.43%
has gained 7.2%.