Nikola, a company that produces hydrogen fuel cells and battery-powered electric trucks, has just gone public. Its inventories have more than doubled in the last few days. And Nikola’s president brags about it on Twitter.
With Tesla shares, which have also jumped to an almost record high lately, the day ended by 1%.
VectoIQ, which changed its name to Nikola last week after the merger and designated the NKLA, has already risen more than 600% in 2020 – with most of those gains coming after Nikola announced plans to buy VectoIQ in March.
Nikola, which also produces semi-trailers, is now worth about $ 26 billion based on Monday’s closure, though it is not expected to make any sales, let alone profits, by 2021.
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