Written by Cláudio Afonso | LinkedIn | X
Scotiabank, one of Canada’s largest banks, filed on Wednesday its quarterly portfolio update revealing it closed 2024 with a 5.61% stake in electric truck maker Nikola.
According to the exchange filing, the bank acquired 4,740,923 Nikola shares between October and December.
The EV startup announced in September 2023 that it was expanding its dealer network into Canada for sales and service coverage through a partnership with Toronto-based ITD Industries.
In mid-2024, the company said it delivered a hydrogen fuel cell truck to Walmart Canada, marking the retailer as the first major company in the country to add the model to its fleet.
However, as the company struggled to secure new funding, its expansion into Canada fell short of expectations.
Departure of Nikola Canada’s Chief
Jorg Wimbert, Nikola’s chief for the Canadian market, said in late January he had left Nikola after spending four years at the EV maker.
On the same day, Reuters reported — citing multiple internal sources — that the EV maker was exploring various financial options to avoid bankruptcy, including selling part of its business.
Since then, several executives have departure the truck maker.
Norway’s Central Bank
Norges Bank, the central bank of Norway, reported on Tuesday that its stake in electric truck maker Nikola fell to 4.2% as of the end of 2024, down from 7.01% in the previous quarter — as the company increased its total shares outstanding.
Stock Performance
Shares of Nikola reached a new record low last week immediately after the Wall Street Journal reported that the company was working with its law firm Pillsbury Winthrop Shaw Pittman “to explore options that could include a sale or restructuring of the company in bankruptcy.”
However, the stock price jumped over 35% on Tuesday and — as of the time of writing — it is extending the gains this Wednesday with another 5% jump.
Last week, Nikola‘s founder and former CEO Trevor Milton said the management “has done everything they can to destroy the company” adding that “they should be held accountable.”
