Criticism from competitors and short sellers is one thing, but there are some solid reasons to be sceptical of Nikola. Firstly, it hasn't actually produced anything yet. While it claims to have a significant number of pre-orders, it won't start low-volume production of battery-powered electric pick-up trucks until next year, with the hydrogen-powered heavy goods lorries not arriving until 2023. Even its own projections admit that it will take time to build enough hydrogen fuel stations to make the technology attractive to haulage companies.