COMMENT: Nikola could ride this out, but tech hype is blurring reality in automotive

Nikola Motor has not been afraid to show confidence in recent years. Back in 2018, for example, the company announced it would refund all deposits on truck pre-orders. It broke the news on Twitter, adding that the company did not use deposit money to fund its operations: an apparent dig at Tesla, which by this point had unveiled its all-electric Semi. Then, in June of this year, the company went public on the NASDAQ. A successful IPO was quickly followed by a sensational rally that doubled its value. Chief Executive once again Trevor Milton took to Twitter: “I’ve wanted to say this my whole adult life; $NKLA is now worth more than Ford and FCA.”