Nikola, an electric vehicle boot that once hoped to become the heavy truck tesla, which was deposited for bankruptcy on Wednesday.
Founded in 2015, Nikola promised to develop long-term hydrogen and electricity semi-long-term semi-powered semi-powered semi-powered and reported to the Stock Exchange in 2020 before selling a single vehicle. The price of its stock has grown briefly, as individual investors and some Wall Street companies shouted to bet on companies that believed they could reproduce Tesla’s success and the growing price of its shares.
The short -lived excitement of investors for Nikola made its founder, Trevor Milton and other first rich investors. However, there have been significant doubts about Mr Milton’s allegations about the technology and orders of the company by customers. Soon he was removed and later sentenced to accusations of fraud.
In the last quarters, Nikola had begun to provide a small number of electric trucks, but too little to make money. At the end of last year, the company said it had $ 200 million in cash and $ 270 million in long -term debt. Its stock sank in early February on reports that the company was approaching bankruptcy.
The company said in a release that it had about $ 47 million in cash in hand, and intended to continue “limited” service and support for trucks on the road. Submission of liabilities recorded between $ 1 billion and $ 10 billion and sets the number of creditors owed between $ 1,000 and 5,000.
Nikola is one of the many newly established electric vehicles that have fought to turn their ideas into real cars and trucks.
Lordstown Motors, who tried to trucks at a General Motors factory in Ohio, requested protection from bankruptcy in 2023 and in 2024 was accused of misleading investors by the Securities and Exchange Commission.
A British -based start -up launcher planned to make electric trucks and buses. But he struggled to make the vehicle and his construction ideas work and then sell his assets to another start, Canoo. This company deposited bankruptcy protection last month.
Some newly established electricity companies are still operating, although their shares have been reduced and it is not clear how or when they will become profitable.
Rivian, who makes electric pickups and sports vehicles, had trouble increasing production at the levels initially aimed 2021. The company secured a significant salvation last year when it established a collaboration with the German car industry Volkswagen, which has taken A large share in Rivian.
Lucid Motors makes luxury electric cars and SUVs, but has been greatly reduced by initial sales and production targets. She also hopes to make agreements in which she sells her technology to other automakers.
“Like other companies in the electric vehicle industry, we have faced various market players and macroeconomic agents that influenced our ability to operate,” said Steve Girsky, chief executive of Nikola, in a statement on Wednesday. “Unfortunately, our best efforts were not enough to overcome these important challenges.”
