Elon Musk Isn't Impressed With California's Backing Of Hydrogen As Alternate Energy: 'Makes No Sense'
Portfolio Pulse from Anan Ashraf
The California Transport Commission has awarded a $41.9 million grant to Nikola Corp to build hydrogen refueling stations across South California. Tesla CEO Elon Musk criticized the move, stating that the push for hydrogen as an alternate energy source 'makes no sense'. Nikola, which currently sells battery electric vehicles, plans to introduce its hydrogen fuel cell electric truck in Q3. Earlier this year, Nikola received orders for 100 of its hydrogen cell trucks, thanks to a California Air Resources Board program.
July 07, 2023 | 4:31 am
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Nikola Corp received a $41.9 million grant to build hydrogen refueling stations. The company also plans to introduce its hydrogen fuel cell electric truck in Q3.
The grant from the California Transport Commission and the upcoming launch of the hydrogen fuel cell electric truck could potentially boost Nikola's stock in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
Tesla CEO Elon Musk criticized California's push for hydrogen as an alternate energy source, stating it 'makes no sense'.
While Musk's criticism of hydrogen energy may generate discussion, it is unlikely to have a significant short-term impact on Tesla's stock.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 20