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The $34 billion market capitalization Nikola had at the intraday peak belies the company’s fundamentals.

Starting five years ago, when Milton founded Nikola, through the end of last year, the Phoenix-based company has lost about $188.5 million.

A spokesperson for the company said Nikola will announce a partner in the near future, without giving more specifics.

VectoIQ Acquisition Corp., the blank-check company Nikola merged with, is led by Steve Girsky, a former General Motors Co. vice chairman who helped lead the carmaker out of bankruptcy.

It’s expecting to reach full production of about 30,000 fuel-cell electric vehicles in 2027 and 15,000 battery-electric vehicles the following year.

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