from the a-fuel-and-his-money-are-soon-parted? dept.
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.
Related Stories
Nikola Unveils Three Reservation Packages for the Badger Electric Pickup Truck
Nikola, the manufacturer of an electric version of the heavy-truck, experienced a phenomenal bull run last week, prompted by the news of an imminent opening of reservations for the much-anticipated Badger electric pickup truck. Today, Nikola Motors tweeted further details regarding the seminal event, currently slated for the 27th of June.
[...] The first Nikola Badger reservation package will cost $250 and will entail a $500 discount applicable to the Badger's MSRP – expected to vary between $60,000 and $90,000. The package also contains a ticket to the Nikola World 2020 in order to view the Badger in-person. Finally, the package will entail 2 entries into a ballot for the Badger giveaway.
[...] As a refresher, Nikola unveiled the Badger electric pickup truck back in February 2020 to compete with Tesla's much-anticipated Cybertruck. According to the details revealed by the company, the Badger will retail in two power configurations: an FCEV (Fuel-Cell Electric) or BEV (Battery-Electric). Though it sports a much more conventional design as opposed to the Cybertruck's sharp corners and the futuristic vibe, the Badger offers impressive specs. As an illustration, the electric truck will offer a headline range of 600 miles through either of the two power configurations. Moreover, it will offer an acceleration from 0 to 60 mph in 2.9 seconds, a torque of up to 980 pounds-feet, and a peak horsepower of 906.
Previously: Nikola Semi Startup Shines on Wall Street With $34BN Valuation
Related: Nikola Corporation to Unveil Game-Changing Battery Cell Technology at Nikola World 2020
Tesla Unveils "Cybertruck"
Budweiser Brewer Makes First Beer Delivery With Nikola Semi Truck
146,000 Preorders for Tesla's Cybertruck in 48 Hours
Tesla Beats Expectations with Strong First-Quarter Delivery Numbers
Tesla's Robotaxi Fleet Will be 'Functionally Ready' in 2020, Musk Says
Nikola stock plunges 26% after fraud claims complicate hydrogen plans:
Shares of hydrogen truck startup Nikola plunged 26 percent on Wednesday after The Wall Street Journal reported that the company was struggling to find partners to build a planned network of hydrogen fueling stations. Nikola's stock closed at $21.15 on Wednesday, a decline of 57 percent from the $50 peak reached on September 8
[...] Nikola now concedes that the truck never worked and that a promotional video of the truck was made by rolling it down a hill.
Nikola argued that this was old news because Nikola is no longer marketing the Nikola One and has a working prototype of the Nikola Two. But the revelations threw the company into chaos and forced Milton to resign on Sunday.
Previously:
New Report Claims Widespread Deception by Nikola Motor and Founder Trevor Milton
Nikola Motors Opening Reservations for Badger Electric Pickup Truck on June 27
Nikola Semi Startup Shines on Wall Street With $34BN Valuation
Nikola founder bought truck designs from third party:
The original design for Nikola's flagship truck was purchased by founder Trevor Milton from a designer in Croatia, according to two people with knowledge of the matter, despite company claims in a 2018 lawsuit that the vehicle was initially designed by Mr. Milton "in his basement.."
The truck, the Nikola One, is at the centre of a $2 billion lawsuit with Tesla, in which Nikola alleges its rival infringed on its patents. Nikola claims in that lawsuit that Mr. Milton began designing the model in 2013, with other company staff later working on it.
In a rebuttal to the lawsuit filed last week, Tesla alleged that Nikola could not protect the designs because they did not originate from the company itself, but from Adriano Mudri, a designer based in Croatia.
The arstechnica article didn't include any links.
Nikola Founder Bought Truck Design From Designer's College Portfolio: Report:
And Nikola's sub-contracture allegedly doesn't end with technology, as a Financial Times report alleges even Nikola's design for the hydrogen-powered One semi-truck was outsourced from Croatia.
Previously:
Nikola Stock Plunges 26% after Fraud Claims Complicate Hydrogen Plans
New Report Claims Widespread Deception by Nikola Motor and Founder Trevor Milton
Nikola Motors Opening Reservations for Badger Electric Pickup Truck on June 27
Nikola Semi Startup Shines on Wall Street With $34BN Valuation
At this point, Nikola's business plan seems to be resembling the movie The Producers business plan more than anything.
(Score: -1, Offtopic) by Anonymous Coward on Thursday June 11 2020, @08:21PM (2 children)
YAY!
(Score: 0) by Anonymous Coward on Thursday June 11 2020, @09:09PM (1 child)
Time to break up Nikola. Monopolies are wrong!
(Score: 2) by takyon on Thursday June 11 2020, @09:31PM
Tesla shines with $190 billion evaluation, bigger than Toyota s00n.
https://arstechnica.com/cars/2020/06/tesla-stock-soars-above-1000-as-musk-vows-to-go-all-out-for-semi/ [arstechnica.com]
Nikola has a $34 billion valuation?
[SIG] 10/28/2017: Soylent Upgrade v14 [soylentnews.org]
(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.
(Score: 4, Insightful) by c0lo on Friday June 12 2020, @12:23AM (2 children)
A stock market awash with money and more irrational than ever: valuation of a company with no income higher than operational businesses which weathered many economical crises over their century-old history.
https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford
(Score: 0) by Anonymous Coward on Friday June 12 2020, @05:05AM (1 child)
It just shows the stock market is a rich man's game.
When the 1% do well, the stock market jizzes itself into the stratosphere. Then turns around on a dime when it's a rainy day.
Either way, both markets are the dreaded "consensus opinion" so hated when applied to scientists but revered when applied to markets.
(Score: 2) by ChrisMaple on Friday June 12 2020, @05:15PM
Stock market prices also respond to government money giveaways, as a large portion of the money ends up in the hands of speculators.
(Score: -1, Spam) by Anonymous Coward on Saturday June 13 2020, @10:09AM
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