Jun 9, 2020

Electric truck start-up Nikola takes on car giants

An electric truck company that has yet to deliver a single vehicle already has a market value higher than industry stalwart Fiat Chrysler. Since listing on the Nasdaq last week, the US start-up Nikola has seen its share price more than double, sending its market value to $26.3bn. The gains came after the firm announced on Twitter when it would accept orders for its pick-up truck. In gearing up for its listing, Nikola estimated its net worth at about $3.2bn. It raised more than $700m in the debut, which will go in part to building its manufacturing facility. The firm, which has 250 employees, has said it has more than $10bn in pre-orders for commercial trucks and plans to start delivering trucks next year. It will start accepting orders for the Badger pick-up truck on 29 June.

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