TECH - This Penny Stock EV Leaves Big Boys Tesla Rivian And Lucid In The Dust With 14% YTD Gain (CORRECTED) | Benzinga
Editor’s note: A previous version of this story erroneously mentioned that Nikola focuses solely on EVs in the eighth paragraph. The company manufactures both battery-electric vehicles as well as trucks powered by hydrogen fuel cells.
EV truck maker Nikola Corp (NASDAQ:NKLA) delivered 40 hydrogen fuel cell electric trucks in the first quarter, leading its shares to rally over 6% on Thursday. Given the low share price, even small increases translate into large percentage gains. But notably, Nikola’s stock is up 14.46% year-to-date, unlike most pure-play EV makers whose stocks have been falling.
Not An Easy Climb Back Up: However, Nikola’s path hasn’t been smooth. The company’s share value dropped from over $2 to below $1 in 2023 due to several setbacks, including multiple fire incidents with its battery-electric trucks, a subsequent recall, and executive reshuffles.
Nikola started delivering battery electric trucks before its hydrogen fuel ...