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Dec. 23, 2020, 8:47 a.m. EST

Nikola's stock drops after order for 2,500 electric garbage trucks has been cancelled

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By Tomi Kilgore

Shares of Nikola Corp /zigman2/quotes/208704275/composite NKLA +4.15% tumbled 10.4% in premarket trading Wednesday, after the electric vehicle maker said it has discontinued its collaboration with Republic Services Inc. /zigman2/quotes/205979971/composite RSG +0.24% on developing garbage trucks, leading to the cancellation of an order for 2,500 trucks. "After considerable collaboration and review, both companies determined that the combination of the various new technologies and design concepts would result in longer than expected development time, and unexpected costs," the companies said in a statement. "As a result, the program is being terminated resulting in the cancellation of the previously announced vehicle order." On Aug. 10, Nikola's stock soared 22.0% to $44.81, after the company said it secured an order to make at least 2,500 electric garbage trucks for Republic Services. Since then through Tuesday, Nikola's stock has plunged 62.4% through Tuesday, Republic Services shares have gained 5.4% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +2.07% has advanced 9.7%.

/zigman2/quotes/208704275/composite
US : U.S.: Nasdaq
$ 10.29
+0.41 +4.15%
Volume: 8.35M
Dec. 7, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$4.02 billion
Rev. per Employee
$211.11
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/zigman2/quotes/205979971/composite
US : U.S.: NYSE
$ 135.60
+0.33 +0.24%
Volume: 1.02M
Dec. 7, 2021 4:00p
P/E Ratio
35.75
Dividend Yield
1.36%
Market Cap
$42.89 billion
Rev. per Employee
$290,103
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/zigman2/quotes/210599714/realtime
US : S&P US
4,686.75
+95.08 +2.07%
Volume: 2.48B
Dec. 7, 2021 5:05p
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