However, Nikala’s stock price fell 10% on Wednesday morning after the deal was publicly canceled. Analysts at Wedbush gave Nikola a low rating in response to the announcement. He said the announcement was to exchange companies for companies struggling with investors relying on a presidential service agreement.
“The bad news for Nikola a few months ago was that these were not news that investors would want to see under their Christmas tree,” Wedbush analyst Dan Ives told investors. The company says it is still climbing like Kilimanjaro to regain confidence on the road in 2021, and today’s news is a step backwards.
Electric trucks last longer. After deciding to combine new technologies and design concepts to reduce costs, both companies agreed to rescind the agreement.
“It’s the right decision for both companies because it requires resources and investment,” said Mark Russell, chief executive officer of Nikola.
The waste management company said it believed electricity distribution was the future. We, in partnership with Romeo, believe that Opportunity will continue to provide additional opportunities that support our electricity strategy.
The US said on Wednesday that it will launch its Tre battery-electric trucks in the United States in 2021. The company plans to launch its first commercial hydrogen station next year. Production of its hydrogen-fuel-cell-electric semi-trucks is scheduled to begin in 2023.