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Investing.com — Refuse pays well and not just for organized crime.
Electric truck marker and Tesla (NASDAQ:TSLA) rival Nikola received an order for 2,500 electrified garbage trucks from Republic Services (NYSE:RSG), which could be doubled.
Nikola Corp (NASDAQ:NKLA) shares rose more than 12% on the news. The stock has fallen 50% since June, but has quadrupled since the start of 2020.
Full production deliveries are expected in 2023 with on-road testing in 2022. The trucks should go for up to 150 miles and 1,200 cans on a single charge.
“The refuse market is one of the most stable markets in the industry and provides long-term shareholder value,” said Nikola Founder and Executive Chairman Trevor Milton.
Republic Services is the second largest recycling and solid waste provider in the U.S.
Shares of Nikola plunged following its first earnings report last week.
“We’re a pre-revenue company. We told everyone from the beginning of the year, look, give us until the end of this year,” Milton said on CNBC, trying to reassure investors. “People want us to be Tesla in our first three weeks. … That’s not going to happen.”
