An electrical truck firm that has but to ship a single automobile already has a market worth greater than business stalwart Fiat Chrysler.
Since itemizing on the Nasdaq final week, the US start-up Nikola has seen its share worth greater than double, sending its market worth to $26.3bn (£20.5bn).
The positive factors got here after the agency introduced on Twitter when it will settle for orders for its pick-up truck.
The dramatic surge drew comparisons to extra established rival Tesla.
Tesla has additionally seen its market worth eclipse conventional rivals, regardless of having a lot smaller gross sales and a protracted historical past of economic losses.
On Twitter, Nikola chief government Trevor Milton celebrated the share worth positive factors, echoing the social media presence of Tesla boss Elon Musk.
Mr Milton, who’s now a billionaire, mentioned he had his sights set on overtaking Ford’s best-selling F-150 pick-up truck, and promised to do his “half to be essentially the most accessible and direct government on Twitter”.
What’s Nikola?
Till just lately, Nikola, which like Tesla takes its title from the inventor, had primarily targeted its growth on industrial vehicles.
The agency, which is predicated in America’s southwest in Arizona, has received monetary backing from Bosch and corporations linked to the household of Fiat’s founder Giovanni Agnelli. It claims brewing large Anheuser-Busch as a consumer.
It had raised about $500m previous to its itemizing, however the firm has but to generate any income. It misplaced greater than $33m within the first three months of the yr.
In gearing up for its itemizing, Nikola estimated its internet price at about $3.2bn. It raised greater than $700m within the debut, which is able to go partly to constructing its manufacturing facility.
The agency, which has 250 workers, has mentioned it has greater than $10bn in pre-orders for industrial vehicles and plans to begin delivering vehicles subsequent yr. It should begin accepting orders for the Badger pick-up truck on 29 June.
Nikola’s share worth positive factors on Tuesday got here because the Nasdaq hit one other file. At one level, demand for Nikola shares pushed costs so excessive that the agency was price above Ford’s $28bn.
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