Hindenburg Research published a lengthy report Thursday morning detailing a list of problems the firm has with Nikola (ticker: NLKA). At its core, the report appears to reflect a belief that Nikola management overstated its internally developed battery and fuel-cell capabilities.
“Nikola announced [in 2019] it would revolutionize the battery industry,” the Hindenburg authors wrote. Nikola planned to buy new technology, but the deal, according to Hindenburg, fell through. “Nikola has never