Another EV Company, Nikola, Goes Belly Up
Read the full story on The Auto Wire
Nikola Corporation, maker of all-electric trucks, has officially filed Chapter 11 bankruptcy. The company has indicated it's seeking to sell off assets with court authorization. In other words, it's the end of the road for the EV company, joining the ranks of many others which have failed over the years.Not only was Nikola making battery-electric commercial trucks, it was pioneering hydrogen fuel cell technology for the same market. It even created a series of hydrogen refueling stations so trucks could successfully move cargo between Northern and Southern California.
But controversy struck back in 2020 right after Nikola became a publicly traded corporation. The founder, Trevor Milton, was accused by an investor of fraud. He later quit the company, but the damage was done. Milton was sentenced to four years in prison and fined $1 million back in December 2023. Nikola settled the claims of fraud, paying federal regulators $125 million back in 2021.
Steve Girsky, President and CEO of Nikola, extoled the many accomplishments of the company, ultimately blaming its failure on external forces. 'Like other companies in the electric vehicle industry, we have faced various market and macroeconomic factors that have impacted our ability to operate,' he said in the press release announcing the bankruptcy filing.
Even though Nikola has filed for bankruptcy, in the same press release the company states it's striving to keep some of its operations alive to support trucks already on the road. That's at least until the end of March 2025, after which 'one or more partners' will be needed to offer service and support to truck owners.
We wouldn't feel too good about owning a Nikola truck at the moment, simply because the uncertainty surrounding future servicing and support for the vehicle is high. Maybe Tesla could come in and give those people a nice transition to one of its products that won't be bricked?
These days it seems like EV companies are dropping like flies. Just last month, Canoo filed for Chapter 7 bankruptcy. Another high-profile case was Risker, which folded up in the fall. We wouldn't be surprised if several others that have been showered with praise in the media also close up shop in the near future.
Image via Nikola Corporation
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