Nikola (NKLA) Soars Nearly 60 Percent on the Imminent Opening of Reservations for Its Badger Electric Truck
Nikola (NKLA) Soars Nearly 60 Percent on the Imminent Opening of Reservations for Its Badger Electric Truck
Jul 13, 2024 6:07 PM

This is not investment advice. The author has no position in any of the stocks mentioned. Wccftech.com has a disclosure and ethics policy.

Nikola Corporation, the manufacturer of an electric version of the heavy-truck, is apparently hitting the road running following its merger with VectoIQ and a smashing debut on the NASDAQ index last week. As per the details revealed today, the reservations for the company’s much-anticipated Badger electric pickup truck will open on the 29th of June.

The founder and CEO of Nikola Motors, Trevor Milton, made the momentous announcement via a tweet:

Breaking: Nikola World 2020 (Badger World) to be announced Monday, June 29th. Badger reservations open same day. Deposit holders will have dibs on tickets for #nikolaworld2020 Phoenix, AZ. The Badger will dominate ICE trucks live. Be there to see it $NKLA https://t.co/VfRevYYrIt

— Trevor Milton (@nikolatrevor) June 8, 2020

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 revelaed by the company, the Badger will retail in two power configurations: a 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.

Nikola’s press release notes:

“The Badger will be outfitted with a 15-kilowatt power outlet for tools, lights and compressors, which is enough power to assist a construction site for approximately 12 hours without a generator.”

Nikola also claims that:

“With a fully loaded trailer and combined vehicle weight of 18,000 lbs., the Badger will be able to launch from a standstill on a 30% grade without motor stall.”

As we reported recently, the shareholders of VectoIQ – a Special Purpose Acquisition Company (SPAC) headed by the former General Motors (NYSE: GM) Vice Chairman Steve Girsky – approved the much-anticipated merger of the company with Nikola Motors last week, with the transaction achieving a formal closure on the 3rd of June. Nikola Motors has now become a wholly-owned subsidiary of VectoIQ, with the combined entity adopting the name Nikola Corporation.

Nikola Motors has already generated waves with its Class 8 electric trucks, garnering significant interest from the trucking industry. As an illustration, the company has registered around 14,000 pre-orders for these trucks, translating to potential revenue of up to $10 billion. So why has the company’s offering generated such an elevated interest? The answer lies in the manner in which these trucks will be powered: a choice between a hydrogen fuel cell and a battery that carries high energy density. According to Nikola’s claims, its battery possesses around four times the energy density of a conventional lithium-ion cell. In theory, this feat should double the range of an EV vis-à-vis a comparable vehicle powered by the lithium-ion cells. The company is currently developing a network of hydrogen refueling stations where its trucks can be refueled in a matter of seconds, thereby, reducing journey times. Moreover, without the added heft of a full-scale battery, fuel cell-powered trucks can, in theory, transport a greater quantum of cargo.

Nikola’s stock is up 60 percent today, as of 11:16 a.m. ET. This corresponds to a market capitalization of more than $20 billion. For comparison, please note that Tesla has a market cap of $160.23 billion.

Welcome to yitit comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Recent News
Copyright 2023-2024 - www.yitit.com All Rights Reserved