GM - Why Investors Slammed the Brakes on Nikola Stock Today
Not for the first time in its rather eventful life as a publicly traded company, Nikola (NASDAQ: NKLA) took a solid hit to its share price on Wednesday. After a monster rival indicated it would spend more than previously disclosed on its electric vehicle (EV) efforts, Nikola's stock fell by almost 6% on the day.
That rival is a giant of the U.S. auto industry, General Motors (NYSE: GM) . The vehicle behemoth unveiled its fourth-quarter results after market hours on Tuesday, in which it convincingly beat analyst profitability estimates.
A Nikola Tre BEV. Image source: Nikola.
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Why Investors Slammed the Brakes on Nikola Stock Today