When Nikola (NASDAQ: NKLA) went public by merging with a special purpose acquisition company (SPAC) three years ago, many investors dismissed it as a blatant attempt to ride the coattails of 's (NASDAQ: TSLA) success. Both companies produced electric vehicles, and Nikola seemingly adopted the Serbian-American inventor's first name only because Tesla had already claimed his last name.

But unlike Tesla, which mainly produces electric sedans, Nikola set out to produce electric and hydrogen-powered semi-trucks. It also planned to build a network of hydrogen charging stations for its fuel-cell electric vehicles (FCEVs).

Image source: Nikola.

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Source Fool.com