27% profits every 20 days?
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Yet another Nikola Corp (NASDAQ:NKLA) truck caught fire on Friday, marking the electric vehicle maker’s second fire incident this week and the fourth such occurrence this year.
What Happened: An ‘engineering validation' battery-electric truck caught fire around 8:30 am on Friday near Nikola's Phoenix headquarters. Nikola said in a statement to Benzinga that this incident occurred during a battery fire investigation and testing.
This marks the second instance of a fire involving a Nikola truck this week. No injuries were reported as the pre-production truck was located outdoors, according to the company's statement to Benzinga.
On Monday, a lithium-ion cell battery of a Nikola semi truck inside the Arizona Lithium facility in Tempe caught fire. The fire was contained and no injuries were reported. Nikola then told Benzinga that they were aware of the thermal incident and that it “affected one battery pack on one truck resulting in minimal damage.”
Why It Matters: Last month, Nikola recalled all its battery-powered electric trucks in the market between dealers and customers after a series of fires opened up an investigation.
The investigation pinned the fires down to a coolant leak within the battery packs.
The company told Benzinga that it has started working with its customers and dealers to get their trucks to its Arizona manufacturing facility starting Aug. 21. This would also allow the EV maker to make repairs under the supervision of its engineering team unlike in the case of a field remedy, it added.
A Nikola truck first caught fire this year on June 23. The fire affected multiple battery electric trucks behind the company’s Phoenix headquarters. Later, in July, one of the affected trucks ignited again.
Check out more of Benzinga's Future Of Mobility coverage by following this link.
Photo by VanderWolf Images on Shutterstock
27% profits every 20 days?
This is what Nic Chahine averages with his options buys. Not selling covered calls or spreads... BUYING options. Most traders don't even have a winning percentage of 27% buying options. He has an 83% win rate. Here's how he does it.
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