Once-deemed Tesla Semi rival Nikola closing in on bankruptcy: report
A recent report has suggested that Nikola Motor, a hydrogen-electric truck maker that once sued Tesla over the Semi’s allegedly copied design, is closing in on bankruptcy.
The information was initially shared in an article from The Wall Street Journal.
The report:
- Citing people reportedly familiar with the matter, the WSJ noted that Nikola has been working with law firm Pillsbury Winthrop Shaw Pittman to explore options.
- These may reportedly include a sale or a restructuring in bankruptcy.
- A Nikola representative has stated that the company is still assessing its financial position and liquidity needs.
- The representative also noted that the company is evaluating several options, such as financing as part of a financial restructuring effort.
Nikola’s rise and fall:
- Nikola was once considered a serious contender in the sustainable long-haul market.
- So notable was Nikola’s presence that the company even accused Tesla of copying the design of its Nikola One prototype with the Semi.
- Nikola went public in 2020, even before it sold a single truck.
- Things started to fall apart when a report from Hindenburg Research accused Nikola and its then-CEO, Trevor Milton, of misrepresenting investors about the company’s technology.
- Milton was eventually convicted of fraud in 2022. He is currently appealing his conviction.
- Milton would leave Nikola due to the controversy, and the company would eventually release the Nikola Tre under new management.
- As per Nikola’s latest earnings report for the quarter ended in September, it was able to produce more than 80 trucks at a net loss of almost $200 million.
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The post Once-deemed Tesla Semi rival Nikola closing in on bankruptcy: report appeared first on TESLARATI.
Source: https://www.teslarati.com/tesla-semi-rival-nikola-closing-in-bankruptcy-report/
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