From the Wall Street Journal . . .
Electric-Truck Startup Nikola Bolts Past Ford in Market Value
Phoenix-based Nikola, which hasn’t yet sold any vehicles, has targeted the commercial trucking sector,.
-Truck Startup Nikola Bolts Past Ford in Market Value
By
Ben Foldy
Updated June 9, 2020 10:50 pm ET
The market value of Nikola Corp., NKLA -18.46% a little-known electric-truck startup that went public last week, has surged past that of Ford F -5.94% Motor Co. and other car companies in recent days, as investors continue to bet on the growth potential of electric transportation.
Shares of Nikola, which is developing commercial and passenger vehicles using batteries and hydrogen fuel-cell technology, have more than doubled since they began trading publicly on Thursday.
The startup’s market capitalization eclipsed $30 billion in intraday trading Tuesday, higher than Ford’s value of about $28.8 billion andFiat Chrysler Automobiles FCAU -3.83% NV of about $20.5 billion.
Phoenix-based Nikola, which hasn’t yet sold any vehicles, has targeted the commercial trucking sector, where companies like Amazon.comInc. AMZN 1.79% and United Parcel Service Inc. have pledged to reduce the carbon footprint of their logistics operations. The company has also signaled it intends to nose into the pickup market for individual consumers, the most profitable segment of the U.S. car market.