Nikola stock soars; Tesla tax credits to shrink: This week in EVs

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Investing.com — Here is your weekly Pro Recap of the past week's biggest headlines in the electric vehicle space: an earnings miss and angry workers at Tesla; a vow from Nio; and a delisting at Lordstown.

As always, InvestingPro users get EV headlines at lightning speed. Never miss another opportunity to secure an edge for your portfolio.

Nikola Corp (NASDAQ:NKLA), an American truck manufacturer, stole the spotlight this week when its stock price experienced a remarkable 62% surge on Thursday thanks to a significant strategic supply partnership with hydrogen producer BayoTech.

Per the partnership agreement, BayoTech has committed to purchasing up to 50 of Nikola's Class 8 hydrogen fuel cell trucks over the next five years. The first batch of 12 trucks is set to be delivered between 2023 and 2024.

«Nikola and BayoTech are united by a common goal of providing reliable access to hydrogen throughout the United States,» said Michael Lohscheller, President and CEO of Nikola Corporation.

In return for this collaboration, Nikola has agreed to acquire up to 10 of BayoTech's HyFill hydrogen transport trailers. These trailers serve a critical role in the transportation of high-pressure hydrogen from production sites to refueling stations.

«BayoTech's low-carbon hydrogen fuel and transport equipment will play an important part in supporting the adoption of Nikola's Class 8 fuel cell electric zero-emission trucks,» added Lohscheller.

Along with their partnership with BayoTech, Nikola sealed a deal with Bosch (NS:BOSH) to become the engineering company’s pilot customer for their volume production fuel-cell power modules.

Bosch revealed Thursday that the company is investing $2.8 billion in hydrogen fuel cell technology from 2021 to