Many investors dream of betting on a low-priced penny stock that can deliver multibagger returns when its fortune improves. With a current share price of just $0.64, Nikola (NASDAQ: NKLA) seems to have that potential.

But sometimes cheap stocks are cheap for a reason. Let's discuss what the next five years could have in store for this embattled electric automaker.

Nikola shares hit public markets through a merger with a special purpose acquisition company (SPAC) -- a type of investment vehicle that allows stocks to list without the more rigorous standards of a traditional IPO. The company rode a wave of industry hype generated by rival , and its goal of developing semi-trucks that run on hydrogen fuel cells.

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Source Fool.com