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Embattled EV maker Nikola files for Chapter 11 bankruptcy protection

Nikola has filed for Chapter 11 bankruptcy protection while pursuing a sale of its assets due to rapid cash burn and difficulty in raising funds.
Nikola's estimated assets are valued between $500 million and $1 billion, while its liabilities range from $1 billion to $10 billion according to court filings.
Trevor Milton, Nikola's founder, was convicted in 2022 of federal securities fraud charges related to misleading claims about the company's vehicles.

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The Park Record

Nikola Corporation, which convicted founder left, files for bankruptcy as shares fall to pennies on the dollar

Nikola Corporation, a manufacturer of electric- and hydrogen-powered vehicles, has filed for bankruptcy in federal court, the latest turn in the ongoing saga of Trevor Milton.The company was founded in 2015 by Milton, a former resident of Summit County. Milton resigned from his position as executive chairman in 2020 after Hindenburg Research, an investment firm focused on activism in financial spheres, published a report accusing Milton of fraud…

24 days ago

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Techdirt

Nikola Finally Files For Chapter 11 To Try To Wind Down Smoothly

While I have no interest in celebrating the demise of a company, one in which very real people had and have jobs that are going to go away, this was also a long time coming. The five year story about how EV trucking company Nikola ended in bankruptcy started in spectacular fashion in 2020, when…

25 days ago

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Sons of Liberty Media

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The Washington Standard

Biden Admin Gave Millions to EV Company Under Indictment. It Just Went Bankrupt

Video of a prototype was actually a video of a nonfunctioning truck that rolled down a hill. The greatest scams in history (with the possible exception of crypto) have nothing on green energy. There is nothing a green energy company can do or be accused of that will prevent governments from throwing money at it. …

1 month ago

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New Orleans CityBusiness

Troubled electric vehicle maker Nikola files for bankruptcy protection New Orleans CityBusiness

Troubled electric vehicle maker Nikola has filed for Chapter 11 bankruptcy protection months after saying that it would likely run out of cash early this year. Nikola was a hot start-up and rising star on Wall Street before becoming enmeshed in scandal and its founder was convicted in 2022 for misleading investors about the Arizona company’s technology. At the trial of founder Trevor Milton, prosecutors say a company video of a prototype truck a…

1 month ago

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9NEWS Denver

Nikola, electric truck maker, files for bankruptcy

The founder and former CEO, Trevor Milton, was found guilty of criminal fraud in 2022.

1 month ago·Denver, United States

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thedailyupside.com

Nikola Files for Bankruptcy. What’s Next for the Electric Semi-Truck Industry?

Yeah, Breaker one-nine, this here’s Nikola, and we’re insolvent. On Wednesday, the Arizona-based company — which rode promises of battery-powered hydrogen fuel cell long-haul trucks to absurd highs and terrible lows — filed for bankruptcy protection, with plans to wind down most or all of its businesses. So where does that leave the electric semi-truck industry? Short, Strange Trip Between fraud charges and safety recalls, Nikola didn’t exactly …

1 month ago

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