What's Going On With Nikola Stock Today?

Nikola Corporation NKLA shares are trading lower on Tuesday.  The stock is down more than 10% over the last five sessions. Here's a look at what's going on. 

What To Know: Nikola shares closed down approximately 5% on Monday after the company said one of its trucks that caught fire late last month reignited Sunday afternoon.

When Nikola reported a fire near its headquarters in June, the company noted that it was suspicious of foul play. Nikola had been keeping the damaged trucks at its headquarters for "safety monitoring" and "ongoing investigations." 

"At approximately 2 pm today at Nikola HQ, one of the trucks that was previously damaged reignited. No one was injured and the fire was quickly contained," the company said in a statement over the weekend.

What Else: Last week, Nikola announced that FFI will acquire the company's Phoenix Hydrogen Hub project and will provide the capital and resources required to fully develop the project. The acquisition of the Phoenix Hydrogen Hub marks the first project announced as part of the Memorandum of Understanding (MOU) signed in January 2023 between the two companies.

Nikola and FFI are also collaborating on the development of a hydrogen supply agreement to support Nikola's hydrogen fuel cell electric vehicle demand.

Shares of NKLA are down more than 10% in the last five sessions, but the stock remains up more than 70% over the last month.

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NKLA Price Action: According to Benzinga Pro, Nikola shares were trading 10.5% lower at $2.14 at the time of publication.

Image: courtesy of Nikola