Nikola just out with a
hilarious response this morning premarket, which is ripped it from -14% premarket to near green:
Quote:
Nikola has been designing, engineering and working on its own inverters for quite some time. The Company does use third-party parts in prototype vehicles, some of which may be subsequently swapped out for its own parts in production. This is common practice among vehicle manufacturers and Nikola often blocks supplier names from the view of media and competitors."
"Hindenburg seeks to portray Nikola as misrepresenting the capabilities of the Nikola One prototype in a 2017 video produced by a third party, as 'simply filmed rolling down a big hill.' Nikola never stated its truck was driving under its own propulsion in the video, although the truck was designed to do just that (as described in previous point). The truck was showcased and filmed by a third party for a commercial."
I love that last one. They're taken the only course open to them given their giant undeniable fraud:
- Anything we're they're caught flat out, like the truck rolling down a hill fraudulently because it had no engine in their promo video, they're confirming the fraud but denying that it was deception.
- They're weasel-wording out of anything they can weasel word out of.
- Anything that can be punted the future, like the abandonment of their truck prototype, they're pulling an Elon Musk type fraud and claiming it's still coming.
It was the best option open to them, but I can't imagine anyone who isn't insane believing them at this point. I don't see how this doesn't go from the $31 it is now down to $10 or less.