🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

Nikola semi-truck catches fire in second incident in a week

Published 09/08/2023, 04:29 PM
Updated 09/08/2023, 04:31 PM
© Reuters. Logo of U.S. truckmaker Nikola is pictured at the IAA Transportation fair, which will open its doors to the public on September 20, 2022, in Hanover, Germany, September 19, 2022. REUTERS/Fabian Bimmer
NKLA
-

(Reuters) - A Nikola electric semi-truck caught fire near the company's Phoenix headquarters in Arizona, it said on Friday, the second such incident this week involving the firm's vehicle.

The company's shares fell about 15% to 88 cents, and are down nearly 55% since Nikola announced in August a recall of all battery-powered electric trucks it had delivered and paused sales after an investigation into some earlier fires.

Earlier this week, another of its Tre battery-electric truck caught fire in Tempe, Arizona, which affected one battery pack.

No one was injured in both the incidents.

The latest truck to catch fire was a pre-production unit that was undergoing battery fire investigation and testing, the company said.

© Reuters. Logo of U.S. truckmaker Nikola is pictured at the IAA Transportation fair, which will open its doors to the public on September 20, 2022, in Hanover, Germany, September 19, 2022. REUTERS/Fabian Bimmer

The company had suspected foul play when it started an investigation in June after trucks at its headquarters caught fire. However, last month Nikola cited a coolant leak inside a battery pack as the cause following the investigation.

A total of 209 battery-powered electric trucks were in the marketplace between dealers and customers at the time of the recall.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.