- NASDAQ:NKLA backtracked on Friday after consecutive days in the green.
- Electric vehicle sector goes red to close the week despite Tesla earnings report.
- Investors buzz as Fisker releases video of its Ocean vehicle ahead of its SPAC IPO debut.
NASDAQ:NKLA has had its two consecutive days of gains erased as the stock trended back down to close the week. On Friday, shares fell a further 0.79% as the stock backtracked to end the trading session at $22.54. Much has been made about the pending partnership with General Motors (NYSE:GM) but investors seemed to be disinterested in both companies on Friday as GM fell off of its year-to-date highs by dropping 1.58%. Investors who were able to get in at the IPO price with Nikola are still somehow holding onto gains as shares have still returned 121% since its Wall Street debut, but the long-term forecast of the stock remains bleak.
Nikola’s main rivals in the electric vehicle sector fell flat on Friday as industry leader Tesla (NASDAQ:TSLA) continued its fall since reporting its quarterly earnings reports. Fellow clean energy truck maker Hyliion (NYSE:HYLN) also dropped over 9% on Friday as the company struggles to separate itself from a comparison to Nikola. With some high-end brands including Volvo and Tesla’s Cybersemi apparently coming to the market sometimes in 2021 or 2022, companies like Nikola and Hyliion may be in for some tough times ahead.
NKLA stock price
Another electric-vehicle maker Fisker, which is coming to the public markets via a SPAC IPO reverse merger with, released a video of its 2022 Ocean vehicle driving in the wilderness. The 30-second clip caused some buzz on the internet as well as on FinTwit, although the SPAC stock for this Spartan Energy Acquisition Corp (NYSE:SPAQ) fell nearly 8% on Friday. Investors are understandably wary of these videos, especially after the fallout of Nikola’s clip, which allegedly ended up being a hoax.
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