EV truck maker Nikola has finally called it quits

MT HANNACH
3 Min Read
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The manufacturer of trucks besieged Nikola goes Kaput. The company has just announced a file to and a plan to sell assets. These assets will be sold during an auction, pending approval from the court. Nikola noted that she had $ 47 million in cash to finance the bankruptcy procedure and start the sales process. The company said between $ 500 and $ 1 billion in assets, but liabilities totaling 1 billion to 10 billion dollars, .

“Like other companies in the electric vehicle industry, we had to face various market and macroeconomic factors that have had an impact on our ability to work,” said Steve Girsky, President and Chief Executive Officer Nikola.

These market and macroeconomic factors are real, as EV adoption growth rates . However, Nikola is a special case. The company has been involved in many scandals in recent years, so this news highlights a particularly disastrous fall in grace for the manufacturer of electric vehicles formerly Buzzy.

Nikola was founded in 2015 with the mission of creating heavy zero-emission trucks. The company obtained a lucrative partnership with GM in 2020, but things collapsed shortly after. It was Thanks to a report by the Hindenburg Research in the open sales firm. This report even included a video showing a Nikola truck riding a hill to simulate driving.

This “developed trick” brought the dry to start an investigation which led the founder Trevor Milton . Later, he was arrested and . Milton was And . Business . It goes without saying that .

The company became public in 2020 and . However, reports indicated that Nikola was On each truck he sold. All in all, the company only did 600 vehicles, Due to a variety of defects.

This lower performance caused the action crater, falling from a summit of more than $ 1,000 per share to date, to date, $ 0.47 per share. I assume that one company named after is authorized to regularly Without making a bump on its valuation.

This article originally appeared on engadget at https://www.engadget.com/transportation/evs/ev-truck-maker-nikola-has-finally Called-it-quits-172516625.html? SRC = RSSS

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