Nikola Corporation has filed for Chapter 11 bankruptcy protection while planning to auction off its assets, with liabilities ranging from $1 billion to $10 billion. The EV truck maker cited market dynamics affecting EV adoption rates as challenges. However, its situation is worsened by previous scandals, including allegations of fraud involving its founder, Trevor Milton. Nikola's historic partnership with GM also fell apart following these events. The bankruptcy reflects a significant decline for the company after ambitious beginnings in the zero-emissions truck sector since its founding in 2015.
Like other companies in the electric vehicle industry, we have faced various market and macroeconomic factors that have impacted our ability to operate, said Steve Girsky, President and CEO of Nikola.
This 'elaborate ruse' caused the SEC to begin an investigation which led to founder Trevor Milton stepping down as board chair and CEO.
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