None of the major powers in the automotive industry can outperform its stock Nikola Corp. Although its shares Tesla have reached the highest level and Hertz Global Holdings is much higher than when the company went bankrupt, none can cope with the comparison.
The ambitious truck manufacturer, electrical battery and hydrogen, made his debut in Nasdaq, last week following a "reverse merger" with one "blank-check»Company, under the management of its former Director General Motors. Their stock more than doubled on Monday, and so did Nikola another 30% traded at $ 95 after closing. This gave the company a richer capitalization than the almost 117-year-old F-150 manufacturer. Ford Motor, which is expected to hit above $115 billion revenue this year.
Skeptics have questioned value market of Tesla, which has not yet announced an annual profit. By pushing Nikola's purchase limit to $ 26 billion at the close of Monday, investors have made their estimates for the zero-emission vehicle company, whose name is inspired by the Serbian-American inventor.
Nikola's Director, Trevor Milton, mentioned many factors that could be hidden behind the sudden profit shares, and presented examples, including its announcement via tweet. In the announcement he stated that the company will start taking the stocks for its acceleration Badger.
«Her first goal Nikola, is to have steady growth in the long run. "
Starting with its first steps, 5 years ago, until the end of last year, the Phoenix-based company has lost at least $ 188.5 million. Her plans are to start delivering semi-electric battery truck Three the following year, followed by 2 models electric fuel cells, intended for 2023.
The Badger model, which Milton said may have excited the market on Monday, may not be able to go into production. In submission public offering, Nikola said have placed more emphasis on the construction of Class 8 heavy vehicles, and not so much in the construction of Badger, unless he finds a partner to work on it together.
Last week Milton handed over the position of Director to Mark Russel, former Director General of Construction Mining WOrthington Industries Inc., who was president of Nikola since February 2019. The company with which it merged, VectoIQ Acquisition Corp., administered by him Steve Girsky, the former Deputy General Manager who helped get out of bankruptcy.
At the end of last year, the company had about $ 86 million in cash. Before joining the stock market, he had amassed more $ 500 million in private capital, although this includes a $ 150 million contribution from the CNH NV industry, the truck manufacturer that is linked to the Italian billionaire Angeli family. CNH also invested $ 100 million in cash in Nikola last year.
The merger with CNH includes an investment shared in Europe, which aims to start producing electric battery trucks in Germany in the first half of next year, and in North America, which Nikola will own entirely.
Nikola's stocks for 14.000 electric trucks could be worth more than $ 10 million, no agreement has been reached. The company told potential investors in April that it was negotiating with partners to convert pre-orders into binding contracts with deposits.
While Milton is having a good time, since his fortune is at $ 9 billion, still has on his wish list something that the CEO of Tesla has: his blue certification Twitter.