Electric truck maker Nikola shares plummeted Monday after it recalled nearly all of its battery electric semi trucks.
The company recalled 209 of its Class 8 Tre battery electric vehicles after a third-party investigation found a coolant leak likely caused a battery fire in one of its trucks.
The company said Friday it has placed a temporary hold on new BEV sales until a resolution is in place.
Nikola’s stock fell around 20% Monday shortly after the start of regular trading. That’s a tough hit after the company announced the departure of its CEO and president last week alongside disappointing earnings. Nikola reported a 15% drop in revenue and a nearly 26% increase in losses from the same period last year.
Nikola had previously suspected foul play as the cause of a battery fire on June 23 outside the company’s headquarters in Phoenix. Video footage showed a vehicle parked next to the impacted trucks and pulling away after a bright flas …
