Why Nikola Stock Popped Tuesday
Battery and hydrogen fuel cell electric truck maker Nikola (NASDAQ: NKLA) has had its share of credibility issues. But the company has since distanced itself from its disgraced founder, Trevor Milton, and now has posted on its website that previous intentions to have its first battery electric vehicle (BEV) available in 2021 will come to fruition. After the promising news on the timeline of its first product, Nikola shares jumped 5.4% early Tuesday before paring those gains to 3.5% as the market neared its close today.
Early questions about the company's technology and progress led to the resignation of Milton, who is now under indictment by the Justice Department for alleged "false and misleading statements to retail investors." But the company has posted on its website that its manufacturing timeline is on track. Nikola posted that its Tre BEV will indeed be available in 2021.
Source Fool.com
