- NASDAQ:NKLA plummets by 16% during Friday’s trading session ending a hellish week.
- Investors sour as CEO insists on moving forward with or without the Badger.
- Is Nikola nearing buy-low territory as it dips closer to it's all-time lows?
At this point NASDAQ:NKLA investors may just wish any CEO past or present would just not speak about how the company is doing in a public forum. The comments of current CEO Mark Russell have left investors little choice but to abandon ship as the stock dropped another 16% on Friday to close this terrible week at $19.55. At this point, the all-time low of $10.20 is firmly within reach and if no news on the pending deal with General Motors (NYSE:GM) is released, it may head even lower than that. Over the past month, shares have dropped by over 40% now as the shamed electric truck maker continues to unravel before our very eyes.
Is Russell daring General Motors to call his bluff? The industry is well aware that GM is trying its hardest to save face after former CEO Trevor Milton stepped down after numerous accusations of fraud and deceit. General Motors is also trying to keep up in an auto-industry that is quickly shifting towards electric vehicle makers like Tesla (NASDAQ:TSLA) or NIO (NYSE:NIO), rather than traditional fossil fuel burners. While the Badger was not Nikola’s only prototype, it was the vehicle that was going to bring the company to the mainstream truck market.
NKLA stock price
Now that Nikola has dipped so low, some bargain investors may be asking themselves, is the stock nearing a buy-low level? Most industry analysts will tell you no as Nikola has yet to even come close to manufacturing a product and are relying on OEM partnerships to build those out. For a few dollars more per share, investors can start a position in NIO which has a much more promising outlook for 2021.
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