Nikola’s Shares Dip as Damaged Truck Catches Fire at Company Headquarters… Again

Nikola Corp (NASDAQ: NKLA) experienced another blow on Sunday afternoon when one of its previously damaged trucks caught fire again at its Phoenix, Arizona headquarters. This unfortunate event resulted in a nearly 5% drop in Nikola’s shares on Monday. The company asserted that no one was hurt and the fire was rapidly contained.

This is not the first incident of its kind at Nikola’s premises. Last month, the company reported a similar fire, suspecting malicious activity as the culprit that compromised multiple vehicles. The company has since held the damaged trucks at its Phoenix location for ongoing investigations and safety surveillance.

Adding to its woes, Nikola recently announced plans to liquidate the assets of Romeo Power. The EV battery manufacturer, which Nikola acquired for $144 million less than a year ago, is set to be dissolved. This decision didn’t come as a surprise, though, as the company had already issued a warning about this potential move back in May.

Information for this briefing was found via Reuters and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.