Nikola Redesigns Strategy to Achieve Targets, Shares Rebound
Nikola Corporation NKLA recently issued a statement underlining key elements of the company’s strategy and production targets that are helping it achieve its goal of becoming a global leader in green transportation. Following the statement, Nikola’s shares rallied 14.5% to close at $20.48 on Sep 30.
The statement came right after Nikola’s founder and former executive chairman Trevor Milton voluntarily resigned from the company last week. This shocking split was announced after the short-selling firm Hindenburg Research accused the electric-truck maker of fraudulent practices within the company. Though Nikola claimed that the allegations were false and misleading, its shares tumbled more than 40% over the course of that week. (Nikola in Murky Waters After Milton Steps Down, Shares Drop)
