Why Nikola Stock Crashed Monday
Nikola (NASDAQ: NKLA) stock opened the trading week with a 20% plunge Monday morning. As of 10:15 a.m. ET, shares of the electric semitruck start-up had recovered some of that drop, but remained lower by 11.5%.
In a Friday evening announcement, Nikola said it was recalling 209 of its battery-electric trucks after an independent investigation into a previously announced truck fire. That fire occurred with a truck parked at the company's Phoenix, Arizona, headquarters. Nikola hired an independent third-party investigator who delivered preliminary findings late last week. A coolant leak inside one of the battery packs was found to be the likely cause of the truck fire.
Source Fool.com
