A $26 billion truck company with zero revenue just surged 103%

From Ed Ludlow and Craig TrudellTesla Inc. shares are at an all-time high.

Hertz Global Holdings Inc.’s are well above where they had been before the company went bankrupt. But no stock in the automotive industry is a better sign of equity-market exuberance compared to Nikola Corp.The aspiring battery-electric and hydrogen fuel-cell truck manufacturer debuted on the Nasdaq last week after a reverse merger with a blank-check company led by a former General Motors Co. board and executive director. It’s forecasting zero revenue for 2020 and its first $1 billion year won&rsquo. Ford Motor Co., by comparison, is expected to report roughly $115 billion of revenue for this season. And Nikola, whose stock more than doubled Monday, traded another 30% to as large as $95 after the close, providing the company a wealthier market capitalization compared to almost 117-year-old manufacturer of the F-150. Skeptics have questioned the current industry ’s evaluation of Tesla, that has yet to post an annual profit. But by pushing Nikola’s market cap to $26 billion at Monday’s close, investors have taken evaluations of zero-emission vehicle manufacturers named after a renowned Serbian-American inventor into another stratosphere. “Nikola’s No. 1 target is steady growth over time,” Trevor Milton, Nikola’s executive chairman, said in an emailed statement. The 38-year-old said many elements could be supporting the inventory ’so gain and cited examples including his announcement that the company is going to begin taking bookings for its Badger pickup. 76282583Starting five decades ago, when Milton based Nikola, through the end of this past calendar year, the Phoenix-based firm has lost about $188.5 million. It’so planning to begin delivering the Tre battery-electric semi truck followed by 2 fuel cell-electric versions in 2023. The Badger version that Milton said may have gotten the marketplace excited on Monday may not actually make it into creation. Back in Nikola’s public-offering filing, the company said it is centered on creating Class 8 heavy-duty automobiles and doesn’t even expect to create the Badger unless it locates a proven manufacturer to associate with.A spokesperson for the company said Nikola will announce a new partner in the near future, without providing more specifics.Last week, Milton ceded the chief executive officer project into Mark Russell, a former COO of compounds manufacturer Worthington Industries Inc. that has been president of Nikola since February 2019. VectoIQ Acquisition Corp., the company Nikola merged with, is directed by Steve Girsky, an former GM vice chairman who helped direct the carmaker out of bankruptcy.Nikola had roughly $86 million in cash at the end of this past calendar year. Prior to the stock listing, it had raised more than $500 million of private capital, although that has a $150 million in-kind participation from CNH Industrial NV, the truck manufacturer linked to Italy’s billionaire Agnelli family. CNH also invested $100 million money in Nikola last year.The venture with CNH comprises a 50-50 venture in Europe which intends to begin producing battery-electric trucks in Germany in the first half of the next year and also a North American alliance which Nikola will totally own.Nikola is intending to construct a more 1-million-square-foot facility south of Phoenix and begin making trucks in 2021. It’s expecting to achieve production of approximately 30,000 fuel cell-electric vehicles in 2027 and vehicles that the subsequent calendar year. 76282616Although Nikola touts bookings for 14,000 gasoline cell-electric trucks which it says are worth roughly $10 billion of sales, those are far from done prices. The company told prospective investors in April that it had been negotiating with strategic fleet spouses to convert pre-orders into binding contracts with deposits.While occasions are good for Milton — his own luck currently stands at $9 billion, according to the Bloomberg Billionaires Index — he covets something Tesla’s CEO Musk comes with : a blue check mark on Twitter.Hi @verified @twitter, how about verifying my accounts and our institution’s account so people quit asking if we’re the… https://t.co/UGlud0BBJe— Trevor Milton (@nikolatrevor) 1591456817000Then again, Milton might want to be cautious about seeking notoriety on Musk’s favorite social-media platform. The accounts @TESLACharts, that has gathered about 26,400 followers by trolling Musk, has taken note of Nikola’s rise.Nikola, that has **zero earnings **, today has a market cap larger than $30B. But the Fed has nothing to do with thishellip; https://t.co/a7VLMsMHMq— TeslaCharts (@TESLAcharts) 1591655208000

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