What happened Nikola (NASDAQ: NKLA) shares went on a wild ride Thursday, jumping 4.5% in the morning after the electric and hydrogen fuel cell truck maker sealed a deal. But it gave up all of those gains, and some, as the day progressed. As of 1:25 p.m. EDT, the stock was trading 1.4% in the red. So what This morning, Nikola announced a deal with PGT Trucking, one of the nation's largest flatbed carriers. Nikola has signed a letter of intent to lease 100 of its Tre fuel cell trucks to PGT after a demonstration, the terms and timing of which are yet to be decided. Image source: Getty Images. Tre, a daycab, is one of the two hydrogen-powered fuel-cell electric vehicles (FCEVs) that Nikola is manufacturing, and it'll be built at its Coolidge facility in Arizona. Nikola expects to start deliveries of Tre FCEV in 2023, and with its anticipated range of 500 miles, the company believes the Tre will help expand PGT's hauling fleet, which serves multiple industries, including steel, oil and gas, aluminum, machinery, and automotive. Until the last quarter, Nikola had built five Tre FCEV alpha prototypes and projected their validation testing to be completed in the fourth quarter this year. Today's deal marks the second notable deal that Nikola has signed so far this month. Last week, it announced a partnership with energy infrastructure company TC Energy to co-develop and operate multiple large-scale hydrogen production facilities in North America. Now what With Nikola's shares languishing ever since its founder Trevor Milton was indicted for fraud in July, a deal or two can spark interest in the automotive stock -- but only momentarily, as we saw today. It'll take a lot more than just potential order announcements from Nikola to convince investors about its prospects. Specifically, Nikola estimated last quarter it could deliver 25-50 road-legal battery-electric Tres this year to start generating revenue, but there's been no update since. Given the backdrop, the real move in Nikola shares could come around Nov. 4 when the company releases its third-quarter earnings report and provides an update about its delivery timelines. Keep an eye out. 10 stocks we like better than Nikola CorporationWhen our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They just revealed what they believe are the ten best stocks for investors to buy right now... and Nikola Corporation wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of September 17, 2021 Neha Chamaria has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source