Nikola Corp (fka NKLAQ)

[WeTheMarket]

UK, I don't believe that's the reason. I believe it has to do with Elon Musk ego and his ongoing feud with the Sate of California.

Quote "He moved Tesla's corporate headquarters from Palo Alto in California to the Texas city of Austin in 2021 after criticising California's regulations and taxes." Link https://www.theguardian.com/technology/2024/feb/01/elon-musk-acts-to-move-tesla-legal-base-to-texas-after-pay-package-ruling

And quote: "Musk said that California's push for hydrogen 'makes no sense' after the California Transport Commission awarded a $41.9 million grant to Nikola Corp." Link https://hydrogen-central.com/teslas-elon-musk-calls-governments-hydrogen-funding-idiotic-bizarre-amid-ev-truck-triumph/

Finally, although large fleets get smaller incentives/subsidies compared to small fleets, they are nevertheless still quite significant.