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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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9NEWS Denver

Nikola, electric truck maker, files for bankruptcy

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

23 hours ago·Denver, United States

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Sons of Liberty Media

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. …

17 hours 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…

23 hours ago

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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 …

2 days ago

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News

Bloodbath as big EV firm files for bankruptcy

An American EV manufacturer famous for fake announcements that put its boss in jail has declared bankruptcy.

2 days ago

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Wolf Street

The Collapse of the EV SPACs: Nikola Joins EV SPAC Bankruptcy Lineup. Here Are Those Already Bankrupt, and Those Not Yet

The Consensual Hallucination that drove the EV SPAC mania didn’t die with the EV SPACs; it moved on to other stocks. By Wolf Richter for WOLF STREET. Nikola, the “legendary” maker of fuel-cell electric and battery-electric class-8 trucks that had gone public in June 2020 via merger with a SPAC, finally filed for chapter 11 bankruptcy today, as long expected, and intends to liquidate by selling its assets through a bankruptcy auction. It’s “legen…

2 days ago

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