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Electric truck company with zero revenue hits US$34-billion valuation

By on June 10, 2020 0 129 Views

Nikola says it’ll begin taking pre-orders for its Badger pickup at the end of June

Move over, Tesla, another environmentally-friendly vehicle maker is stealing your sunshine.

Nikola Corp. surged 104 per cent in its third day of trading on the Nasdaq, June 8, after a reverse merger with VectoIQ Acquisition Corp.

Trevor Milton, the chairman and founder of the hydrogen truck maker, has already set lofty goals. The company said last week that pre-orders for its vehicles topped US$10 billion and it expects to start generating revenue in 2021, though it’s banked none at all so far.

The stock spiked higher on Monday after Milton tweeted that the company would begin taking reservations for its zero-emission truck, dubbed the Badger, later this month.

Milton’s fortune now stands at US$9 billion, making him the world’s 188th richest person, according to the Bloomberg Billionaires Index, a ranking of the richest 500 people.

Investor interest in Nikola is growing. As of June 9, the Phoenix-based company has a US$34-billion market valuation; Nikola was valued at around US$3 billion in a 2019 fundraising.

by CRISTIN FLANAGAN, GREGORY CALDERONE AND SOPHIE ALEXANDER 

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