The stock is still a bet on Nikola’s ability to provide low-cost hydrogen gas for its fuel cells. Courtesy Nikola

Nikola has a new detractor. And the stock was feeling it in early trading.

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

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