The electric vehicle industry has grown at a remarkable pace over the course of the past half a decade or so, and one of the unheralded companies in this space is Nikola Corporation (NASDAQ:NKLA).
However, the stock rallied strongly on Monday after the company’s chairman and founder made a significant announcement. On Monday, the company’s founder Trevor Milton stated that Nikola Corporation is ready to start taking the reservations for its pickup truck from the end of this month. It is a significant development for the company, and it came as no surprise when investors piled on to the stock.
The Nikola stock soared by as much as 475% over the past month, and it remains to be seen if it can continue to record gains this week. Milton made the announcement through his Twitter account on Monday, and soon after the Nikola started rallying.
It should be kept in mind that Nikola had primarily been involved in developing Class 8 heavy trucks, and later on, it announced that it is also developing a pickup truck named Badger. At the time, many believed that the Badger was a product that was not going to be made available any time soon. However, the tweet from Milton changed all that.
Back in April, in a presentation to analysts, Nikola has stated that the pickup truck is not only going to have a battery pack but also a hydrogen fuel cell. Dual power will give the Badger a range of as much as 600 miles, and hence, in theory, it looks like an interesting product in the electric vehicle space.
The company is going to use the same technology that is used for the company’s heavy trucks and then scale up production considerably in order to reduce costs. More importantly, Nikola has also stated that it aims to rope in a partner to build the Badger. Investors could consider keeping an eye on these developments over the coming days.