Nikola Stock Fell for the Second Day After Appointing a New COO

The Nikola Corp (NASDAQ: NKLA) stock price edged lower for the second day despite the recent higher rally triggered by Mary Chan's appointment as Chief Operating Officer (COO). Mary will officially take over her new role on October 9, 2023.

Nikola has made multiple appointments to its board and executive team, including the appointment of Steve Girsky as CEO in August this year. The company appointed John Vesco to its board of Directors on August 31, 2023.

The company’s CEO, Stever Girsky, recently spoke about how GM executives dismissed Tesla as just a bunch of engineers playing with laptop batteries in 2009 when the company was in the early stages of developing its cars and battery technology for its electric vehicles. 

Girsky noted that most major auto manufacturers dismiss the zero-emission trucking business, saying the technology is at least a decade away. The dismissal of the technology gives Nikola a significant advantage over its competitors as it has developed a truck and is working on improving it. 

“That was conventional wisdom at the time, and we know how that turned out,” he continued. “Tesla got a 10-year jump start on the entire industry.”

Mary Chan was formerly a Managing Partner at VectoIQ, where she assisted with the public launch of Nikola Corporation. She was also the President of the Global Connected Consumer group at General Motors (GM), where they built the next generation of connected infotainment products and OnStar broadband data services.

Nikola also recently expanded its dealer network into Canada for its Class 8 truck sales and service coverage with the help of ITD Industries Inc., an industry-leading commercial trailer manufacturer and technology business headquartered in Toronto, ON. 

ITD is a North American leader in transportation equipment manufacturing, boasting over two decades of experience, with more than 20,000 trailers built and a growing network of customers across Canada and the U.S. 

ITD will promote Nikola's zero-emission trucks across its national sales channels and is a qualified dealer under the Federal government's iMHZEV program. ITD will hold a launch event for industry and other interested stakeholders in Fall 2023. 

The Nikola stock price. 

Nikola's stock price was trading down 2.58% at $1.51, from Tuesday’s closing price of $1.55.