Northern Genesis Acquisition Corp (NYSE: NGA), a special purpose acqusition company, stock price is up on the first trading day in 2021. Why is NGA going up?
According to the latest SEC filing by Lion Electric (company that will reverse merge with NGA) reported that a 2,500 mystery truck buyer is actually Amazon.
This means that on top of already confirmed 10 battery-powered trucks, St. Jerome-based electric bus and truck manufacturer will work on delivering up to 2,500 Lion 6 and Lion 8 trucks.
Up until this morning, we knew $AMZN had ordered 10 delivery vans from $NGA. Now this morning we learn, it is for 500 trucks per year through 2030 or 10% of their manufacturing capacity....so this is the $1.2bln+ deal alluded to in prior disclosures. So $1.2bln+ orders from AMZN— Dr. SPAC (@DoctorSpac) January 4, 2021
Amazon previously made a commitment to be net-zero carbon across its business by 2040 which is 10 years ahead of the Paris Agreement.
“We’ve been at it for more than 10 years now; we know what works in practice, but also what only works on paper. We are in a unique position to disrupt the heavy-duty truck segment by offering an unmatched all-electric product, as we have already done in the school bus segment.”-said Marc Bedard, CEO and founder of Lion
NGA shares are up 12% during pre-market session on Monday, January 4th.