"It’s ‘Still More of a Business Plan Than a Business.’"He rated it a Hold and threw a $46 price target on NKLA.
On Wednesday the stock closed at $54.03 up $13.80 (+34.30%)
From FreightWaves:
Fleet expected to grow to 1,600 trucks by 2025
Hyundai Motor Co. (OTC: HYMTF) is shipping the first 10 of its mass-produced Xcient hydrogen-powered fuel cell heavy-duty trucks from South Korea to Switzerland, where fleets will take possession in September.....MORE
Hyundai plans to ship 50 trucks by the end of the year and 1,600 by 2025.
While startup Nikola Motors (NASDAQ: NKLA) plans Class 8 fuel cell truck production from a new plant south of Phoenix in 2023, Hyundai revealed plans with Swiss company H2 Energy and a prototype at the IAA Commercial Vehicle Show in Hanover, Germany in September 2018.
Switzerland is the launching point for the zero-emission Xcient because it is exempt from the Swiss road tax on trucks weighing more than 3.5 tons. Without the tax, fuel cell truck hauling costs per kilometer is on par with a diesel truck.
A Hyundai-H2 Energy joint venture was formed in 2019. It will lease the Xcient to commercial truck operators on a pay-per-use basis. That means commercial fleet customers make no initial investment.
Hyundai’s business case calls for using green hydrogen generated from hydropower. Switzerland is among the leaders in hydropower. That means it can deliver sufficient green energy for hydrogen production. Once operating in Switzerland, Hyundai plans to expand it to other European countries.
Xcient for real
“Xcient Fuel Cell is a present-day reality, not a mere future drawing board project,” said In Cheol Lee, Hyundai Motor executive vice president and head of the Commercial Vehicle Division....
One more from RBC's Spak on NKLA via Barron's "His $46 price target is based on his 2028 sales and earnings estimates, discounted back at a rate of 15% to today’s value."
