Why Nikola Stock Jumped Monday
Many electric vehicle (EV) stocks regained momentum last week, and electric semitruck start-up Nikola (NASDAQ: NKLA) was no exception. Nikola shares are up almost 20% in just the past four trading days. That momentum continued today, with shares jumping as much as 9.3% higher before retreating for a gain of 4.4% as of 2:55 p.m. EDT.
Some of the momentum in the EV sector comes as President Biden and Democratic congressional leaders work to finalize his Build Back Better initiative and pass the bipartisan infrastructure bill that the Senate has already passed. Nikola isn't just looking to build battery-electric semitrucks, though. It also has plans for hydrogen fuel cell electric vehicles (FCEVs). Support for growing the hydrogen economy and associated infrastructure could be a timely boost for the company as its first vehicles are soon coming to market.
Image source: Nikola.
Source Fool.com
