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Nikola Motor Company News: Why NKLA Stock Is Soaring 64% Today

NKLA has a preorder date ready for its electric truck

Nikola Motor Company (NASDAQ:NKLA) is in the news Monday after announcing a date for preorders of its upcoming electric pickup truck.

Nikola Motor Company News: Why NKLA Stock Is Soaring 64% Today
Source: buffaloboy / Shutterstock.com

The pickup truck from Nikola is called the “Badger” and customers will be able to preorder it starting on June 29.  Nikola Motor Company founder and executive chairman Trevor Milton announced the recent news via a Tweet.

Milton’s Tweet also notes that customers that preorder the Badger will get preference when getting tickets for its Nikola World 2020. The event is being announced the same day the Badger goes up for preorder. It will take place in Phoenix, Ariz.

While the Nikola Badger isn’t ready yet, we do know a few details about it. That includes a range of 300 miles per charge, over 906 horsepower, and the ability to go from 0 mph to 60 mph is roughly 2.9 seconds.

Unfortunately, the recent Nikola Motor Company news doesn’t reveal the price of the Badger. Even so, there are estimates out there. Recent ones claim that the company’s electric truck will cost customers between $60,000 and $90,000.

More news for Nikola Motor Company includes Iveco, a subsidiary of CNH Industrial (NYSE:CNH), revealing its total stake in NKLA. The company notes that its stake is currently at about 7.11%. This has the value of its investment sitting at $923 million. That’s not bad at all considering its initial investment was $250 million.

NKLA stock was up 64.2% as of Monday afternoon and is up 248.6% since the start of the year.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2020/06/nikola-motor-company-news-sends-nkla-stock-soaring/.

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