Why Nikola's Shares Plunged 55.6% in July

Shares of hydrogen-powered truck company Nikola (NASDAQ: NKLA) plummeted 55.6% in July, according to data from S&P Global Market Intelligence. The volatile stock began the month at more than $67 a share but ended it at just $30.

It was a month packed with bad news for the fuel cell start-up. That's probably not what most investors expected. Nikola wrapped up a strong June by opening preorders for its fuel cell-powered Badger pickup truck. Of course, that truck won't be available until 2022, and only the renderings have been unveiled. But that's been par for the course with Nikola, which at this point has an ambitious business plan and not much else.

Image source: Nikola Corporation.

Source Fool.com