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Reviews Nikola, the Tesla of the truck, is it just a "complex fraud"?

00:15  18 september  2020
00:15  18 september  2020 Source:   latribune.fr

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Nikola (symbol NKLA) is one of the most controversial stocks in the market right now. Is this stock the next Tesla (symbol TSLA), or is it a fraud ? Let's take a closer look. After rocketing higher on heavy volume, Nikola has stalled. The stock is consolidating as traders try to determine what to do next.

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Nikola, le Tesla du camion, n’est-il qu’une “fraude complexe” ? © Witthaya Prasongsin / Getty Images Nikola, the Tesla of the truck, is it just a "complex fraud"? The manufacturer of electric trucks Nikola is based only on the multiple lies of its founder and "misled its partners (...) by falsely claiming to have important technologies", denounces the investment company Hindenburg Research.

Nikola, darling of stock investors on Wall Street until recently, can it really become an success story comparable to Tesla ? With its electric and hydrogen trucks, Nikola claims to want to revolutionize the truck sector but its stock price has been making a yoyo lately, an investor arguing that the group is based only on wind. Founded in 2015 by Trevor Milton, the company works mainly on the development of trucks and pick-ups running on electric batteries or hydrogen fuel cells, as well as on hydrogen charging stations.

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Nikola (NASDAQ:NKLA) stock slumped 10%, following on from Wednesday’s 25% drop after the Wall Street Journal reported that the electric- truck Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

It has not yet manufactured anything but has forged strategic partnerships with several reputable industrial groups, including the German engineering giant Bosch, the Italian CNH Industrial and, most recently, the American car manufacturer General Motors. The announcement of an agreement with the latter on September 8 had jumped the title by 41% on the New York Stock Exchange, where the group arrived in June via the merger with a company founded by a former senior GM. , VectoIQ.

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painting Like Tesla , Nikola benefits on Wall Street from a certain investor enthusiasm for the electric vehicle sector, considered the future of the automobile. But the investment firm Hindenburg Research published a report on September 10 accusing the start-up of being a "complex fraud" based on the multiple lies of its founder and of having "misled its partners (... ) by falsely claiming to have important technologies ". She therefore bet on the fall in the stock market, which collapsed by 36% in three days.

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Nikola , the electric truck company, is hot right now. Here are seven things you should know about it . Rather, tweets by founder and executive chairman Trevor Milton on Sunday and Monday about the sign-up list for the company’s new Badger pickup truck is what got the stock moving.

Like Tesla , Nikola has benefited on Wall Street from investor infatuation with electric vehicles, considered to be the future of the automobile. But the investment company Hindenburg Research published a report on September 10 accusing the start-up of "intricate fraud " based on multiple lies by

Nikola immediately strongly refuted the accusations before issuing a more substantial denial on Monday. The group, which says it has spoken with the American financial market policeman about this report intended, according to him, to manipulate the price of its share, took up 11% on Wall Street on Monday. Nikola does not however completely deny one of the most spectacular attacks of the investment company, namely the staging of a video in 2017 showing one of its prototypes in action. According to Hinderburg, the truck was "towed up a hill on a lonely road and just filmed going down the hill." Nikola just retorts "never having said that the truck was running on its own propulsion system in the video" but simply indicated that the vehicle was "in motion". For Hindenburg, Nikola's denial on this point, as on others, is "completely inadequate".

The financial director of the start-up, Kim Brady, for his part considered Monday that the report was "offensive" to their partners. Before engaging with Nikola, "Bosch has seconded a number of engineers to study the file for several months," he said, for example, at a conference organized by the RBC bank. And GM was supported by the largest banks and consulting firms before agreeing to take an 11% stake in the company, he added. "It is ridiculous to think that (these groups) did not examine the company closely, much more closely than what an outside player wanting to bet on the fall in the stock market could not have done", he commented.

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Shares of electric truck start-up Nikola (NKLA) sank sharply on Monday, following the overnight resignation of executive chairman and founder Trevor R. Milton, who has been fending off accusations of fraud raised by a large investor betting against the company.

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For Daniel Ives, analyst at Wedbush, Nikola's future depends on how the group deploys its strategy by 2023. "If Trevor and his team manage to build their plant in Arizona, turn prototypes into models (both the Badger pickup and trucks), set up the bases for its charging network (hydrogen) and attract truck orders by offering an attractive gross margin, then Nikola has a real opportunity and the action will reflect this dynamic ", he underlined in a note.

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Can the group become the next Tesla, the manufacturer of electric vehicles founded by the whimsical Elon Musk which is now worth much more on the stock market than traditional manufacturers when it sells far fewer cars? Probably not, answers Dan Ives. As Apple or Amazon dominates by far their respective sector, "there is only one Tesla", he argues with AFP. "But in the electric vehicle market, hundreds of billions of dollars will be spent in the next decade. There will be several winners," explains the specialist, estimating that Nikola could be part of it.

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