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<blockquote data-quote="Weather Man" data-source="post: 16487941" data-attributes="member: 137766"><p><span style="font-size: 22px"><strong>Hindenburg's short report on Nikola - key points</strong></span></p><p>Sep. 10, 2020 8:17 AM ET|About: <a href="https://seekingalpha.com/symbol/GM" target="_blank">General Motors Company (GM)</a>|By: <a href="https://seekingalpha.com/author/sa-editor-clark-schultz" target="_blank">Clark Schultz</a>, SA News Editor </p><p></p><p></p><p>Nikola (NASDAQ:<a href="https://seekingalpha.com/symbol/NKLA" target="_blank">NKLA</a>) is the target of a <a href="https://hindenburgresearch.com/nikola/" target="_blank">short report</a> from Hindenburg Research.</p><p></p><p>The firm claims it has gathered extensive evidence on false statements by Nikola founder Trevor Milton over an extended period of time.</p><p></p><p>Some of other key points from the report.</p><p></p><p>"We have gathered extensive evidence—including recorded phone calls, text messages, private emails and behind-the-scenes photographs—detailing dozens of false statements by Nikola Founder Trevor Milton."</p><p></p><p>"We have never seen this level of deception at a public company, especially of this size."</p><p></p><p>"A spokesman for Volvo spin-off Powercell AB, a hydrogen fuel cell technology company that formerly partnered with Nikola, called Nikola’s battery and hydrogen fuel cell claims hot air."</p><p></p><p>"Nikola’s much-touted multi-billion dollar order book is filled with fluff. U.S. Xpress reportedly accounts for a third of its reservations, representing ~$3.5 billion in orders. U.S. Xpress had only $1.3 million in cash on hand last quarter."</p><p></p><p>The conclusion stated that General Motors (NYSE:<a href="https://seekingalpha.com/symbol/GM" target="_blank">GM</a>) did not do its homework before inking its high-profile deal with Nikola.</p><p></p><p>Shares of Nikola are down 2.05% premarket to $41.51.</p></blockquote><p></p>
[QUOTE="Weather Man, post: 16487941, member: 137766"] [size=6][b]Hindenburg's short report on Nikola - key points[/b][/size] Sep. 10, 2020 8:17 AM ET|About: [URL='https://seekingalpha.com/symbol/GM']General Motors Company (GM)[/URL]|By: [URL='https://seekingalpha.com/author/sa-editor-clark-schultz']Clark Schultz[/URL], SA News Editor Nikola (NASDAQ:[URL='https://seekingalpha.com/symbol/NKLA']NKLA[/URL]) is the target of a [URL='https://hindenburgresearch.com/nikola/']short report[/URL] from Hindenburg Research. The firm claims it has gathered extensive evidence on false statements by Nikola founder Trevor Milton over an extended period of time. Some of other key points from the report. "We have gathered extensive evidence—including recorded phone calls, text messages, private emails and behind-the-scenes photographs—detailing dozens of false statements by Nikola Founder Trevor Milton." "We have never seen this level of deception at a public company, especially of this size." "A spokesman for Volvo spin-off Powercell AB, a hydrogen fuel cell technology company that formerly partnered with Nikola, called Nikola’s battery and hydrogen fuel cell claims hot air." "Nikola’s much-touted multi-billion dollar order book is filled with fluff. U.S. Xpress reportedly accounts for a third of its reservations, representing ~$3.5 billion in orders. U.S. Xpress had only $1.3 million in cash on hand last quarter." The conclusion stated that General Motors (NYSE:[URL='https://seekingalpha.com/symbol/GM']GM[/URL]) did not do its homework before inking its high-profile deal with Nikola. Shares of Nikola are down 2.05% premarket to $41.51. [/QUOTE]
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