Nikola (NASDAQ:NKLA) hasn’t had an easy time in the electric vehicle stock market as of late, particularly after the Hindenburg Research report emerged that referred to the company as an “intricate fraud.” However, there have been signs of a comeback and the latest is a new partnership that sent Nikola rocketing up over 31% at the time of writing.
The new deal calls for Nikola to sell as many as 50 Nikola Class 8 vehicles to BayoTech, who in turn will sell hydrogen outright to Nikola. Nikola also agreed to buy as many as 10 HyFill transports from BayoTech to handle the hydrogen involved. Nikola will start its buying from BayoTech’s Missouri hubs and then, next year, start buying in on the California side.
That’s a solid advancement by itself, but it’s not the only gain for Nikola. Nikola also recently got together with Robert Bosch GmbH to put together a new version of its Nikola Tre, a long-haul truck powered by a fuel cell. That became the centerpiece of Bosch’s plan for the future, as well as most of its Tech Day 2023 presentation, based on a report from CleanTechnica. Bosch had been involved in Nikola’s production efforts for some time, but this latest move just steps things up and makes Nikola that much more viable.
Analysts, however, are more guarded. With one Buy rating and three Hold, Nikola stock is considered a Hold by analyst consensus. Further, with an average price target of $3.25, Nikola stock offers investors an impressive 84.66% upside potential.
