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Nikola Corp declined 11.3% to $1.73 after the company recalled 209 electric trucks following an independent investigation of a fire incidence.

The company said according to preliminary findings from Exponent, a third-party investigator, a coolant leak inside a single battery pack was found to be the probable cause of the truck fire at the company's headquarters in Phoenix, Ariz. on June 23.

The findings were further corroborated by a minor thermal incident that impacted one pack on an engineering validation truck parked at the company's Coolidge, Ariz. plant on Aug. 10, the company added in a release to investors.

No one was injured in either incident.

The company put battery electric vehicles sales on hold until a resolution is in place.

14 Aug, 2023

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