Nikola said on Wednesday, February 19, it had filed for Chapter 11 bankruptcyprotection and would pursue a sale of its assets, the latest electric-vehicle (EV) maker to go bankrupt after grappling with tepid demand, rapid cash burn and funding challenges. In recent years, the EV truck maker has endured cash-flow issues, slow demand, short-seller allegations and an executive turnover.
Nikola also recalled its battery-electric trucks after the battery fires in 2023 prompted it to temporarily halt sales. The EV truck maker’s stock crashed 39 per cent had already lost 97 per cent of its value over the past 12 months. Nikola’s market value peaked at $29 billion in the days after it began trading, but it had fallen to less than $100…
