The value of Nikola Corp. shares has dropped significantly following the manufacturer’s announcement that it will recall certain trucks and halt sales temporarily after multiple battery fires. The company is recalling approximately 209 of its Tre trucks after an independent investigator discovered a coolant leak that likely caused a fire at the company’s Phoenix headquarters in June. While Nikola has stated that its vehicles can still be used, it has advised customers and dealers to park them outside until a solution is available in the coming weeks.
Since regular trading began on Monday, this news has caused Nikola’s stock price to drop as much as 20%. When compared to the stock’s peak in June 2020, the same month that Nikola went public through a merger with a special purpose acquisition company, this is a 98% decline.
Further investigations by Nikola’s safety and engineering teams suggest that a component from a single supplier within the battery packs is likely responsible for the coolant leaks that caused the fires. This information has been supported by another “minor thermal incident” involving one of its engineering-validation trucks in Arizona last week, though no one was harmed in either scenario.
Nikola has reported that only two of its batteries have experienced thermal events out of over 3,100 packs produced to date.
Nikola Short (Sell)
Enter At: 1.59
T.P_1: 1.33
T.P_2: 1.03
T.P_3: 0.7976
T.P_4: 0.5648
T.P_5: 0.2143
T.P_6: 0
S.L: 4.33
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