Nikola Corp (NASDAQ:NKLA) shares surged 26% to $1.50 in late-morning trading on Monday after the heavy-duty commercial electric vehicles (EVs) manufacturer announced that it has appointed Mary Chan as its chief operating officer (COO), effective October 9, 2023.
Chan formerly served as president of the Global Connected Consumer group at General Motors (GM) and built the next generation of connected infotainment products and OnStar broadband data services.
Chan noted her career has been dedicated to pioneering smart transportation and wireless communications across automotive, telecommunications, and high-tech industries.
"Mary brings a solid understanding of business, combined with extensive experience in technology and transportation, spanning both engineering and management," Nikola CEO Steve Girsky said in a statement.
Nikola shares have gained more than 70% over the past five trading sessions.
On Friday, the company said it has struck a deal with Canada’s ITD Industries to expand the dealer network for its Class 8 truck sales and service into Canada, with the first deliveries of the hydrogen-fuel-cell-powered trucks set to begin as early as late September.
Nikola noted that it expects significant growth in Canada with eligibility received for the Incentives for Medium- and Heavy-Duty Zero-Emission Vehicles (iMHZEV) program.
The iMHZEV program offers Canadian organizations up to C$200,000 in incentives towards the purchase or lease of the Nikola hydrogen fuel cell electric truck and up to C$150,000 in incentives towards the purchase or lease of the Nikola battery-electric truck.
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