NKLA - Why EV Stock Nikola Sank in November
In November, a month when most electric vehicle (EV) stocks rallied to sky-high valuations, shares of Nikola (NASDAQ: NKLA) tumbled 13.4%, according to data provided by S&P Global Market Intelligence .
The only release from Nikola last month was its third-quarter earnings, and while its numbers didn't reveal much, other crucial updates caught the market's attention and drove Nikola shares higher. The stock, though, failed to hold on to its initial gains as the month progressed. Here's what happened.
During its Q3 earnings release, Nikola's CEO Mark Russell revealed the company's Tre BEV (battery-electric vehicle) was being tested on public roads and that Nikola had begun building pre-series trucks at its plant in Coolidge, Arizona, while expanding the facility's production capacity.
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Why EV Stock Nikola Sank in November