Why Nikola Stock Popped (Again) Today
Shares of Nikola (NASDAQ: NKLA) jumped as much as 20% early Friday, then settled to trade up around 3% as of 3:10 p.m. ET after the electric vehicle company announced an expansion of its dealer network into Canada.
For perspective, Nikola roared as much as 37% higher yesterday after CEO Steve Girsky provided an encouraging update regarding final testing, commencement of serial production, and the impending start of customer deliveries for its Class 8 hydrogen fuel cell semitrucks. The news effectively calmed the nerves of skiddish investors who had endured a nearly 56% decline in September, driven by a combination of executive turnover, a new capital raise, and a recent recall for the battery-electric version of the trucks.
Yesterday's momentum was further fueled, however, by a follow-on announcement from Nikola this morning that it will expand its dealer network into Canada through a new partnership with Toronto-based commercial trailer manufacturer ITD Industries.
Source Fool.com
