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Tesla Inc. shares are at an all-time high. Hertz Global Holdings Inc.’s are well above where they were before the company went bankrupt. But no stock in the automotive sector is a better indication of equity-market exuberance than Nikola Corp.

The aspiring battery-electric and hydrogen fuel-cell truck maker debuted on the Nasdaq last week following a reverse merger with a blank-check company headed by a former General Motors executive and board director. It’s forecasting zero revenue for 2020 and its first $1 billion year won’t be until 2023.



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Nikola Zooms To $26 Billion Market Value Upon Market Debut

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