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Move Over Tesla – Sales-Less Nikola Becomes World’s Largest Truck-Maker

Courtesy of ZeroHedge View original post here.

Move over Elon Musk, meet Trevor Milton – the founder of Nikola (and now multi-billionaire), the latest entrant in the WTF market awards as the newly IPO'd company explodes to become the most valuable truck-maker in the world, despite having no sales ever…

As Barron's Al Root noted, the trucking startup named after the same famous inventor as Tesla. Stock in Nikola rose an incredible 104% Monday, more than doubling in one day. What’s more, shares are up another 18% in premarket trading Tuesday, giving the company a market value over $30 billion.

That’s larger than heavy-duty truck makers such as Paccar and Traton who sell hundreds of thousands of trucks a year.

The company went public last week and doesn’t even have Wall Street analyst coverage yet and hasn't sold any trucks yet.

On Monday, Nikola founder, Trevor Milton, tweeted about taking in reservations for the company’s light-duty truck called ‘Badger’ starting in late June. Its medium-duty truck is due in 2021, and a heavy-duty truck in 2023.

For now, just add it to the list of WTF market anomalies like HTZ, CHK, and for that matter TSLA and BA.

Peak Speculation, anyone?


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