Nikola’s History of Discrepancies Has Been in Plain Sight
- Examples go beyond those described in Hindenburg report
- Nikola shares fell 36% over last three days of trading
This article is for subscribers only.
Nikola Corp. has left a trail of inconsistent statements and contradictory announcements that are now coming under scrutiny from short sellers eager to poke holes in the electric-vehicle company’s success story.
Hindenburg Research, which holds a short position in Nikola stock and stands to gain if the shares fall, released a report Thursday detailing what it called “dozens of lies” about the company’s capabilities, partnerships or products. The firm used internal emails, analyzed photos and even cited an investigator dispatched to rural Utah to test how far a car would roll down a hill. Nikola said Hindenburg’s report was full of falsehoods but hasn’t offered anything specific to rebut the allegations.