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Why Nikola Shares Dropped Today

TheMotleyFool

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Shares of future electric and hydrogen fuel cell vehicle maker Nikola (NASDAQ: NKLA) were trading down 7% today, as of 3:45 p.m. EST. Shares are currently trading below $17 for the first time since the company went public through its merger with VectorIQ in June 2020.

Nikola has been the focus of much news in the last three months, including accusations of fraud from short-seller Hindenburg Research and on again, off again partnership talks with General Motors (NYSE: GM). Today's move, however, is likely more related to news from other electric-vehicle (EV) companies.

Nikola Tre semi truck. Image source: Nikola.

Source Fool.com

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