Nikola - NKLA Official Launch

Great news from the stock market, zero emission electric and hydrogen-powered trucks.

Nikola with ticker symbol NKLA was launched after IPO on June 02, by a merger between New York investment firm Vecto IQ and Phoenix Nikola Motors, before the merge the ticker symbol was VTIQ, two days after the launch the symbol was officially changed on June 04 from VTIQ to NKLA. 

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Trevor Milton, the 38-year-old founder of Nikola became an instant multibillionaire with the company’s successful IPO.

Nikola, which makes electric and hydrogen-powered trucks, saw its share price briefly top $37 after going public, giving Milton a net worth of nearly $5 billion based on his share ownership. The stock later settled back around $34, putting his net worth at about $4.6 billion. Before the IPO, his stake in Nikola had been valued at around $1 billion.

Interest in the company has been rising in recent months, and not just from investors ahead of the Nasdaq listing. In part, that’s due to the addition of Steve Girsky, a former vice-chairman of General Motors to Nikola’s board.

Nikola Electric & Hydrogen Powered Trucks

Nikola already has more than 14,000 pre-orders for its vehicles worth $10 billion in potential revenue and two-and-a-half years of production, the company said.
Nikola will add Stephen Girsky, current CEO of VectoIQ and former vice-chairman of General Motors Corp., to its board of directors.
The merger will also allow the company to break ground on its state-of-the-art manufacturing facility in Coolidge, Ariz., and begin its hydrogen station infrastructure rollout, it said.
The company expects to generate revenue by 2021 with the rollout of its BEV truck, followed by FCEV truck sales starting in 2023, it said.
“We are on a roll. You couldn’t ask for better news for the energy and tech industry,” said Trevor Milton, founder and CEO of Nikola.
“We believe we have a differentiated business model built on economics, not government subsidies. We now need to double down and speed up the timelines and get to market.”

Girsky said Nikola’s vision of a zero-emission future and ability to execute were key drivers in his company’s decision.
Milton will serve as executive chairman of the combined company. Mark Russell, who has more than 20 years of experience building and managing companies in the manufacturing industry, will serve as the CEO of Nikola.

More information in the video below: