Why Nikola Stock Dropped Today
Electric heavy truck maker Nikola (NASDAQ: NKLA) announced a new offering for its customers yesterday, but investors are still in a "show me" mode with the start-up as other early-stage electric vehicle (EV) sector companies struggle.
Nikola stock is hovering near its all-time low, but has bounced off that bottom to start 2023 with a nearly 10% gain. Investors today are selling some of that bounce, and shares were lower by 5.7% as of 10:40 a.m. ET.
Nikola investors may be reacting to two new announcements in the EV charging industry. Europe-based Wallbox said today it was cutting jobs "to better align our cost structure with the current demand environment," according to co-founder and CEO Enric Asunción. U.S.-based Volta announced yesterday that it was being acquired by a unit of energy major Shell. That's a negative development for investors in Volta, however, as the sale price of $0.86 per share is more than 80% below where the stock was a year ago.
Source Fool.com
