GM - Nikola: Our Take On This Controversial Stock

• Shares of EV truck maker Nikola are down by more than half since briefly peaking above $15 after its 3Q21 update in November.
• This performance effectuated despite delivering its first vehicle and settling with the SEC in December, while its Tre BEV became eligible for a $120,000 incentive from California in January.
• The stock might be dead money until hoped-for federal EV incentives materialize.
• However, the real potential of Nikola might lie in its hydrogen fuel ecosystem, which is in its very early stages.
• A full investment analysis follows in the paragraphs below.

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