![]() Praesent vulputate arcu eros quis accumsan odio malesuada at. Proin nisi justo consectetur sed lacus an bibendum commodo diam. Suspendisse tempus mi durna in mattis nisl egestas quis. Mauris non sem tincidunt, hendrerit nisi quis honcus felis. CNN Sans ™ & © 2016 Cable News Network.Custom CMS Block - Phasellus volutpat magna id mauris sodales et ornare urna molestie. ![]() Market holidays and trading hours provided by Copp Clark Limited. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account Production of its hydrogen fuel-cell-electric semi-trucks is scheduled to begin in 2023. The company plans to launch its first commercial hydrogen station next year. Nikola also said Wednesday that US deliveries of its Tre battery-electric semi-trucks will begin in 2021. Wall Street has been bullish on electric automakers for much of 2020 despite setbacks for some of the key companies that produce the vehicles as transport companies work to better comply with government emissions standards. (GM) nixed its plans to manufacture Nikola’s Badger pickup. The company’s stock took a 20% tumble in late November after General Motors The Securities and Exchange Commission and the Department of Justice subpoenaed both Milton and Nikola on November 9. Milton resigned from his roles as the company’s executive chairman and one of its board members in the wake of the scandal. In September, Nikola’s founder, Trevor Milton, was accused of fraud by the financial research firm Hindenberg Research for allegedly exaggerating the capabilities of the Nikola One hydrogen fuel cell electric semi-truck, though CNN has not independently verified the claims made in Hindenburg’s report. “We believe the opportunity to learn from and partner with Romeo will continue to provide additional opportunities that support our electrification strategy.” “We continue to believe that electrification is the future, the waste management company said. Republic Services confirmed via email that its deal with Nikola has been “terminated,” noting that it is continuing its electric vehicle partnerships with truckmakers Mack, Peterbilt, and California battery startup Romeo Systems, in addition to making more vehicle purchases next year. Nikola's deal to mass produce garbage trucks (pictured) for one of the nation's largest waste management companies was officially canceled on December 23, 2020. “This was the right decision for both companies given the resources and investments required,” Nikola CEO Mark Russell said in a written statement. Nikola said both companies agreed to cancel the deal after they determined combining new technologies and design concepts to make the electric trucks would take longer and cost more than initially anticipated. ![]() “The company still has a Kilimanjaro like uphill climb to gain back Street credibility heading into 2021 with today’s news viewed as another step backwards,” the firm added. “Given the tidal wave of bad news for Nikola over the last few months this was not the news that investors wanted to see under their Christmas tree,” Wedbush analyst Dan Ives wrote in a note to investors Wednesday morning. Wedbush analysts gave Nikola an “underperform” rating in response to the announcement, which the firm said was a “gut punch” to investors who were counting on the Republic Services deal to be a game changer for the struggling startup. (NKLA) stock shot up 22% after the deal was originally announced.īut Nikola’s stock price nosedived 10% Wednesday morning after the deal was publicly canceled. In August, the company had announced plans to produce as many as 5,000 trucks for Republic Services, which has sought to build a more sustainable fleet of garbage trucks to better meet emissions standards. Nikola Motor Company’s plans to mass produce garbage trucks for Republic Services, one of the nation’s largest waste management service providers, were canceled Wednesday morning, the latest in a string of bad news for the electric truck and hydrogen cell maker.
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