Hyperdrive
Nikola’s Wild Week Erases EV Maker’s 75% Wipeout in 2023
- Retail traders bought millions worth of Nikola this week
- Shares soared Thursday on supply pact for up to 50 vehicles
A test driver at the steering wheel of a Nikola Tre truck in Ulm, Germany.
Photographer: Andreas Gebert/BloombergThis article is for subscribers only.
Nikola Corp. has finally reignited some of the fervor of its once die hard day-trading fans.
The electric-vehicle maker gained around 60% this week thanks to a rally stemming from a Thursday announcement of a supply accord for a fleet of up to 50 electric vehicles. The five-year pact was with a little known startup, hydrogen-supplier BayoTech, but it was enough to reverse the stock’s 2023 decline which led to a delisting warning in May and losses reaching 75% by early June.