2024-04-15 13:49:14 ET
Nikola Corp (NASDAQ: NKLA) is in focus today after Bob Lutz – a former executive of the “Big Three” said the EV push happened “too soon and too fast”.
Lutz shares view on the EV push
Lutz is somewhat dovish on the electric vehicle movement at least for the near term because it’s based mostly on a “colossal amount of hype”.
Both media and the government “made it sound like everybody’s next vehicle will be an EV … and it wasn’t going to happen”.
Still, Nikola is expected to materially narrow its loss on a year-over-year basis in Q1. Consensus is for it lose 10 cents a share versus 31 cents per share a year ago.
Note that Bob Lutz made the aforementioned remarks in an interview with Fox News Digital on Monday.
Is Nikola stock worth buying in 2024
During the same interview, Bob Nardelli – the former chairman and chief executive of Chrysler also agreed that it will be a “challenge” to establish an EV as a “reliable and affordable means of transportation” for the consumer in the near term.
Note that EVs accounted for just 1.8% of new light vehicle registration in the United States between January and November of 2023, as per data from S&P Global Mobility.
It is also worth mentioning here that $NKLA is currently seeking to reverse split its stock. Shareholders of the Nasdaq-listed firm will vote on the proposal at its upcoming annual meeting.
Nikola stock is down more than 35% versus its year-to-date high at writing.
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