Nikola Motor to open Arizona plant in July, promises thousands of jobs

Hybrid truck company founder Trevor Milton evoked Tesla head Elon Musk on Twitter

Nikola Motor, the Arizona-based hybrid truck design and manufacturing company, is set to open a factory in Coolidge July 23, with its founder and chairman promising an influx of jobs.

Continue Reading Below

“Breaking! @nikolamotor factory in Coolidge Arizona breaks ground July 23rd. The ceremony will be held there to kick off construction of the plant that will build up to 35,000 zero emission semi trucks and create thousands of jobs,” Trevor Milton wrote on Twitter Friday.

MONEY-LOSING MITSUBISHI SAYS EXECUTIVES WILL TAKE PAY CUTS

TickerSecurityLastChangeChange %
NKLANIKOLA CORPORATION20.41-7.52-26.92%

The notice comes after Nikola got its first bullish Wall Street rating this week when Cowen analyst Jeffrey Osborne launched coverage on the stock with an outperform rating. His target for the stock price is $79, up about 25 percent from Tuesday’s closing, Barron’s reported.

Prior to Wednesday, no analysts had covered the green transportation company, which became publicly traded after merging with a special-purpose acquisition company June 3.

ROBO CARS HIT NEW SPEED BUMP IN COVID-19 WORLD

Evoking Tesla head Elon Musk, Milton tweeted his enthusiasm for the company’s future: “Tesla fans had to endure hate from the world as they started out. Believe me, haters had plenty to hate on Elon for years. Now, many in the Tesla fanclub have become the haters themselves.”

Hate “won’t change the outcome,” he continued. “You won't change anyone's minds. You won't make a difference in any Investor's eyes. Tearing someone down doesn't raise your ship. We are going to do incredibly well regardless, so sit back and watch.”

CLICK HERE TO GET FOX BUSINESS ON THE GO

Milton previously acknowledged that Nikola is going public before other companies typically do, as it was formally announced as a company in May 2016, but expressed his confidence in the electric truckmaker during a March interview with FOX Business' Maria Bartiromo.

He said Nikola is building 700 U.S. hydrogen stations that will fill theirs and their rivals’ trucks.

CLICK HERE TO READ MORE ON FOX BUSINESS