Nikola shares sink 26% after messy second quarter, CEO departure and news of a stock sale

Shares of electric truck maker Nikola fell more than 26% Friday after a complicated second-quarter report, news of a CEO departure and shareholder approval to issue new stock.

Nikola said in May that it would temporarily suspend production of its battery-electric truck while it reconfigured its production line to build both the battery-electric truck and a new longer-range version powered by a hydrogen fuel cell. It expects the new fuel-cell truck to be its primary product in the future, and plans to build the battery-electric version only when it has orders in hand.

Production of fuel-cell trucks for customers began on July 31, Nikola said, and the first deliveries are expected to happen in September.

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