Written by Cláudio Afonso | LinkedIn | X
Shares of electric vehicle startup Nikola were halted from late Monday until shortly before the market opening on Tuesday. The stock opened today with its price adjusted following the 1-for-30 reverse stock split approved by shareholders at the 2024 annual meeting held earlier this month.
One hour after the market opened, the stock plummeted 16.50 percent to $8.78 per share (equivalent to $0.29 per share before the reverse stock split) representing a new all time low for the manufacturer.
As of the time of writing, the stock has recovered part of its intraday losses and is trading at $9.41, resulting in a market cap of $424 million as the company fights for survival
Yesterday, the company announced that its hydrogen fuel cell electric vehicles (FCEVs) and battery electric vehicles (BEVs) have collectively surpassed 2.5 million miles driven across North America.
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The milestone includes over 1 million miles driven by Nikola’s FCEVs and 1.5 million miles by its BEVs combining testing, validation, and real-world commercial operations miles.
In a recent interview, Nikola chief executive Steve Girsky comented on the enhancements in the second generation of the manufacturer battery electric vehicle (BEV) trucks while teasing future aerodynamic designs.
Girsky mentioned that while the current focus is on the cab-over design, Nikola is considering future aerodynamic designs as battery electric and fuel cell electric vehicles become more prevalent.
Written by Cláudio Afonso | LinkedIn | X
