Nikola semi startup shines on Wall Street with $34BN valuation:
While Tesla's long been the poster child for stratospheric market value despite modest profits, electric truckmaker Nikola knocked on Wall Street's door this week with a huge number.
As Automotive News points out, Nikola's market value reached $34 billion this week after its debut on the New York Stock Exchange last week. The incredible value, which is higher than Ford and Fiat Chrysler Automobiles, comes with a big caveat. The startup hasn't yet posted a single dollar in revenue.
In fact, Nikola's grand plans are even lengthier than we're used to from Tesla. The massive plant Nikola plans to build in Arizona won't be fully utilized until near the end of this decade, the company has previously said. The company did announce a notable new hire on Wednesday in Mark Duchesne. The executive will become Nikola's global head of manufacturing after he spent five years at Tesla and 22 years at Toyota.
[...] With all these grand plans moving ahead, Nikola forecasts revenue in 2023 as its semis begin trickling into the world. Today, the company says it has 14,000 reservations for its fuel-cell semi trucks, which it needs to still transform into actual preorders.
Tesla has its own semi truck, the Semi, which is reportedly ready for "volume production" and scheduled for launch next year.
(Score: 1, Disagree) by Anonymous Coward on Thursday June 11 2020, @10:03PM (2 children)
"Musk recently collected his first award, worth around $800 million. For Musk to collect this award, Tesla's stock needed to stay above $100 billion for several months, and Tesla also needed to hit a revenue or profit target."
Can't do that if your plant obeys county shutdown orders, eh?
And there are now reports of employees testing positive for the virus.
(Score: -1, Flamebait) by Anonymous Coward on Thursday June 11 2020, @10:30PM (1 child)
Ooh, someone caught the cold! Quick, shut down the economy, lock every healthy person up! (But don't forget the $600 bonus!)
(Score: 1, Insightful) by Anonymous Coward on Thursday June 11 2020, @10:57PM
110,000 people don't die from 'a cold' over the period of a few months, asshat.