Yes, you read that right. Two hotshot companies named for the same dead inventor are jockeying over futuristic designs for electric trucks.
Your move, Elon
The new kid on the block, Nikola, made a splash when it began trading on the Nasdaq last week.
It makes battery-powered electric semi trucks (with the first ones planned for delivery next year), as well as rigs powered by fuel cells.
Investors must have loved the idea, because Nikola’s market value hit $34B at one point (higher than Fiat Chrysler and even Ford). Without actually selling any trucks.
Nikola’s CEO, Trevor Milton, seems unabashedly inspired by his Tesla counterpart Elon Musk — and his Twitter game is like Musk Gone Mild.
- Trevor on Twitter: “I love the competition!”
- Elon on Twitter: “Time to break up Amazon. Monopolies are wrong!”
Imitation is the sincerest form of flattery…
…but Elon might not feel the love.
After Nikola’s big debut, Musk sent an email to employees saying it’s “time to go all out” on production of Tesla’s own long-delayed electric semi. Tesla’s shares topped a whopping $1k in trading on Wednesday.