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As someone ultra bearish on Nikola (NKLA) after the company went public via a SPAC to an irrational valuation, my view is now more neutral on the stock. The BEV company has made substantial progress towards becoming a legitimate manufacturer of trucks. Ultimately though, my investment thesis is neutral on the stock as the current price is still over 9x 2025 sales targets.
Making Progress
Nikola recently reported Q1 results with no revenues, but the…

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