Nikola (NASDAQ: NKLA) has been a tough stock to trade over the past three years. Share prices for the electric truck maker closed at a record high of $79.73 on June 9, 2020, but subsequently plunged 99% to an all-time low of $0.52 a share by June 6, 2023. Its sluggish production and delivery rates, dwindling liquidity, and the conviction of its former CEO Trevor Milton for securities and wire fraud all made it an easy target for the bears. 

But after hitting its all-time low, Nikola's stock price more than quadrupled over the past six weeks and now trades at about $2. That rally was initially driven by an update in early July which revealed it had produced 96 Battery Electric Vehicles (BEVs) and completed 175 deliveries in the first half of 2023 -- which suggests it could achieve its full-year goal of 250-300 deliveries. 

Image source: Nikola.

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Source Fool.com