Why Yahoo Finance Rated Nikola as the Worst Company of 2020
An up-and-down year for Nikola is close to ending, but it's not done taking heat
With companies, the government, and consumers showing more and more acceptance of a future of alternative energy, some auto manufacturers have laid out aspirational plans for their vehicles. While Tesla still carries the electric vehicle torch, companies such as GM and Nio have shown major upside for the future.
Nikola caught similar buzz earlier in the year. As of late, however, the stock market and seemingly everyone else is throwing in the towel on the hopeful electric-hydrogen hybrid vehicle producer.
After a $34 IPO in early June, Nikola (ticker: NKLA) quickly jumped to just shy of $80 a share. It didn’t take long for the market to realize Nikola was nowhere near worth that valuation. And even now, at about $18 a share, Nikola may not be worth its current $6.77 billion valuation.
In September, when Nikola announced a partnership with GM, investors ate it up, sending…
