"Additionally, the partnership represents a high-volume commercialization of GM's Hydrotec fuel cells, which we believe is a positive leading indicator of continued adoption of fuel cell technology within heavy-duty transportation," they wrote in a research note Tuesday. Nikola began trading June 4 after a reverse merger with VectoIQ, which is a publicly traded special purpose acquisition company headed by former vice chairman of GM Stephen Girsky. The stock has taken off since its IPO despite the fact that Nikola, which was founded in 2015, doesn't expect to generate revenue until 2021, and it shows the faith investors have in companies that promise vehicles of the future.