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Nikola Stock Drops 26% After BP Backs Away From Hydrogen-Station Deal

John Rosevear, The Motley Fool
·2-min read
Nikola Stock Drops 26% After BP Backs Away From Hydrogen-Station Deal

Shares of embattled electric-truck start-up Nikola (NASDAQ: NKLA) closed down more than 25% on Wednesday, following reports that energy giant BP (NYSE: BP) has backed away from a potential partnership following allegations that Nikola has misled investors. Nikola's stock fell sharply following a Wall Street Journal report that the company's negotiations with several potential partners, including BP, had stalled after a short-seller's report cast doubt on the truck maker's technology claims. Nikola has been seeking a partner to help it build a network of hydrogen refueling stations, a key component of its business plan for electric heavy trucks powered by hydrogen fuel cells.

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