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The Us Nikola logo is shown in an event carried out to present the new fuel and hydrogen fuel cell batteries and CNH hydrogen in association with the US Nikola event. UU. In Turin, Italy, on December 3, 2019 .
Massimo click | Reuters
Detroit – Nikola Corp. – A car startup that was once the favorite of Wall Street analysts and retail investors, requested bankruptcy protection after not assuring a buyer or raising additional funds to maintain operations.
The presentation marks the end of the company’s company based in Phoenix in grace. At its peak in 2020, Nikola was valued more than Ford motor At $ 30 billion, signed a multimillionaire treatment with General Motors and was considered the pinnacle of new automobile companies to make public through reverse mergers and special purpose acquisition companies.
The fall of the company has developed for years, on for scandals and lies involving its founder and former CEO and President Trevor Milton. The fast, energetic, dishonorous executive was Cable fraud and securities fraud In 2022 for deceptive investors on Nikola’s operations and zero emission technology.
Trevor Milton, founder of Nikola Corp., arrives at the Court in New York, on Monday, September 12, 2022.
Victor J. Blue | Bloomberg | Getty images
The controversies were made public for the first time by the investigation of the short seller Hindenburg after the agreement with GM that included the Detroit car manufacturer who took a $ 2 billion stake in the startup.
Nikola’s main products are totally electric and fuel cells, which began to produce in 2022. From the third quarter of last year, the company had only produced 600 of the vehicles since then. Many of these vehicles have been removed from the market due to defects, which costs manufacturers of tens of millions of dollars.
Since he moved from president to CEO in 2023, Steve Gorsky has kept Nikola in the future, including his production of zero emissions trucks, but the company’s capital has been decreasing.
Nikola warned investors about his telephone conference of the third quarter that the company had only enough effective to support its business In the first quarter of 2025 But not beyond. Nikola reported $ 198 million in cash to finish the third quarter.
The Nikola stock
Gorsky, in the call in October, said that Nikola was “actively talking with many possible different partners who value what we do and value what we have built.”
Gorsky, former Banking and executive analyst at GM, took Nikola to his audience through his SPAC in June 2020. It was a catalyst for more EV companies to make public through Spacs.
In the same way to Nikola, most, if not all, have He could not meet his initial expectations. Many were the Federal Research Center, scandals and executive disorders.
Nikola shares have quoted below $ 2 per share since the beginning of December. Making a division of reverse shares of 1 by 30 last year, Factset reports that Nikola’s closing price of all time was almost $ 80 in June 2020.
