Nikola, an electric vehicle start-up, filed for bankruptcy protection after failing to develop and deliver heavy trucks as promised. Once seen as a competitor to Tesla, the company, which was founded in 2015 and went public in 2020 without having sold any vehicles, faced scrutiny over its founder Trevor Milton’s fraudulent claims. While Nikola began delivering a limited number of trucks, it was insufficient to achieve profitability. With $47 million in cash and substantial liabilities between $1 billion to $10 billion, Nikola aims to continue limited operations for existing customers amid its bankruptcy proceedings.
Nikola, founded in 2015, filed for bankruptcy protection after failing to deliver on its ambitious promises of hydrogen and electric heavy trucks, citing significant liabilities.
The company, which once sparked a frenzy among investors akin to Tesla's success, faced scrutiny over claims by its founder, leading to a rapid decline.
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