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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Nikola Corporation    NKLA

NIKOLA CORPORATION

(NKLA)
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Nikola shares jump after GM executive backs deal

10/21/2020 | 12:18pm EST
FILE PHOTO: U.S. Nikola's logo is pictured at an event held to present CNH's new full-electric and Hydrogen fuel-cell battery trucks in partnership with U.S. Nikola event in Turin

(Reuters) - Shares of Nikola Corp rose nearly 10% on Wednesday after a General Motors executive said the Detroit-based automaker still sees potential in a partnership with the electric and hydrogen truck startup, and is still discussing a deal.

"We are continuing discussions," GM President Mark Reuss said during a conference call with analysts.

A partnership with Nikola presents "a big opportunity for us" to bring fuel cell technology developed by GM and Honda to market in Class 7 and 8 commercial trucks, Reuss said.

GM and Nikola also are discussing a deal under which Nikola would pay GM to build its Badger electric pickup, Reuss said. GM and Nikola in September outlined a deal that would give GM emissions credits from sales of the Nikola Badger, as well as $750 million to fund tooling for production.

The credits could allow GM to continue to sell its highly profitable gasoline-burning pickup trucks and sport utility vehicles without regulatory penalties.

Nikola shares jumped in early trading Wednesday after Reuss made similar comments to CNBC. (https://bit.ly/3ofG0Kf)

The alliance announced in September included plans for GM to receive an 11% stake in Nikola, then worth about $2 billion, and payments up to $700 million for building the startup's Badger pickup.

Days after the deal was announced, short-seller Hindenburg Research released a scathing report that called Nikola a "fraud" and said its founder and then executive chairman Trevor Milton had made false claims about Nikola's proprietary technology.

(Reporting by Tiyashi Datta in Bengaluru and Joe White in Detroit; Editing by Ramakrishnan M. and Chris Reese)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
GENERAL MOTORS COMPANY -0.88% 45.06 Delayed Quote.23.11%
HONDA MOTOR CO., LTD. -2.00% 2996 End-of-day quote.-3.32%
NIKOLA CORPORATION -7.64% 27.93 Delayed Quote.170.64%
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Financials (USD)
Sales 2020 0,10 M - -
Net income 2020 -334 M - -
Net cash 2020 759 M - -
P/E ratio 2020 -29,7x
Yield 2020 -
Capitalization 10 728 M 10 728 M -
EV / Sales 2020 99 980x
EV / Sales 2021 141x
Nbr of Employees 256
Free-Float 36,5%
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Technical analysis trends NIKOLA CORPORATION
Short TermMid-TermLong Term
TrendsBullishNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 7
Average target price 30,33 $
Last Close Price 27,93 $
Spread / Highest target 68,3%
Spread / Average Target 8,60%
Spread / Lowest Target -46,3%
EPS Revisions
Managers
NameTitle
Mark A. Russell President, Chief Executive Officer & Director
Stephen J. Girsky Chairman
Kim J. Brady Chief Financial Officer & Director
Dane Davis Chief Technology Officer
Isaac Sloan Chief Information Officer & Software Architect
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