NKLA - Why Nikola Stock Crushed the Market on Monday
Electric vehicle (EV) maker Nikola (NASDAQ: NKLA) wasn't affected by the Monday blues at all. The company's stock popped by just under 5% on the day, trouncing the S&P 500 index's 0.8% gain. The latest big deal in the EV segment pushed up stocks of affected companies even though Nikola itself wasn't directly a victor. Investors were also cheered by company-specific news in the financing sphere.
On Monday, there were two big indications that demand for EVs continues to be robust.
That morning, EV manufacturer Polestar -- which is slated to merge with special-purpose acquisition company (SPAC) Gores Guggenheim -- announced that it has entered into a collaboration with auto rental giant Hertz . Under the terms of this arrangement, Hertz will buy up to 65,000 vehicles from Polestar across a five-year period.
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Why Nikola Stock Crushed the Market on Monday