Why Hyliion Stock Got Crushed in 2021
2020 may have been the year of hope and lofty expectations for electric vehicle start-up companies, but 2021 brought a dose of reality. Hyliion Holdings (NYSE: HYLN) was one of those companies that promised to drive the electrification of Class 8 commercial semitrucks that investors pumped in 2020. But through the first nine months of 2021, the company still hadn't begun bringing in revenue, and investors punished the stock. As a result, Hyliion shares plummeted 62.4% in 2021, according to data provided by S&P Global Market Intelligence.
Hyliion stock wasn't the only name in the electric semitruck space that had a rough year last year. Shares of Nikola, which makes batteries and hydrogen fuel cell electric trucks, dropped more than 35% for the year. But Nikola began delivering finished commercial trucks to customers before the end of the year, while Hyliion said delivery times have been delayed.
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Source Fool.com