{"id":22470,"date":"2025-02-19T12:12:18","date_gmt":"2025-02-19T13:12:18","guid":{"rendered":"https:\/\/medexperts.pro\/?p=22470"},"modified":"2025-02-19T13:24:35","modified_gmt":"2025-02-19T13:24:35","slug":"nikola-e-v-start-up-that-once-thrilled-investors-files-for-bankruptcy","status":"publish","type":"post","link":"https:\/\/medexperts.pro\/?p=22470","title":{"rendered":"Nikola, E.V. Start-Up That Once Thrilled Investors, Files for Bankruptcy"},"content":{"rendered":"
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The company, which once enjoyed a surging stock price, struggled to turn its plans for electric and hydrogen trucks into a viable business.<\/p>\n

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Nikola, an electric vehicle start-up that had once hoped to become the Tesla of heavy trucks, filed for bankruptcy protection on Wednesday.<\/p>\n

Founded in 2015, Nikola promised to develop long-haul semi trucks powered by hydrogen and electricity, and listed itself on the stock exchange in 2020 before it had sold a single vehicle. Its share price surged briefly as individual investors and some Wall Street firms clamored to bet on companies that they thought could replicate Tesla\u2019s success and its soaring stock price.<\/p>\n

Investors\u2019 short-lived enthusiasm for Nikola made its founder, Trevor Milton, and other early investors wealthy. But before long, significant doubts emerged about Mr. Milton\u2019s claims about the company\u2019s technology and orders from customers. He was soon ousted, and later convicted on fraud charges.<\/p>\n

In recent quarters, Nikola had begun delivering small numbers of electric trucks but far too few to make money. Late last year, the company said it had $200 million in cash and $270 million in long-term debt. Its stock plunged in early February on reports that the company was nearing a bankruptcy filing.<\/p>\n<\/div>\n<\/div>\n

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The company said in a release<\/a> it had about $47 million in cash on hand, and intended to continue \u201climited\u201d service and support for trucks out on the road. The bankruptcy filing listed liabilities of between $1 billion and $10 billion, and put the number of creditors it owes at between 1,000 and 5,000.<\/p>\n

Nikola is one of several fledgling electric vehicle companies that have struggled to turn their ideas into actual cars and trucks.<\/p>\n

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The company, which once enjoyed a surging stock price, struggled to turn its plans for electric and hydrogen trucks into a viable business.Nikola, an electric vehicle start-up that had once hoped to become the Tesla of heavy trucks, filed for bankruptcy protection on Wednesday.Founded in 2015, Nikola promised to develop long-haul semi trucks powered by hydrogen and electricity, and listed itself on the stock exchange in 2020 before it had sold a single vehicle. Its share price surged briefly as individual investors and some Wall Street firms clamored to bet on companies that they thought could replicate Tesla\u2019s success and its soaring stock price.Investors\u2019 short-lived enthusiasm for Nikola made its founder, Trevor Milton, and other early investors wealthy. But before long, significant doubts emerged about Mr. Milton\u2019s claims about the company\u2019s technology and orders from customers. He was soon ousted, and later convicted on fraud charges.In recent quarters, Nikola had begun delivering small numbers of electric trucks but far too few to make money. Late last year, the company said it had $200 million in cash and $270 million in long-term debt. Its stock plunged in early February on reports that the company was nearing a bankruptcy filing.The company said in a release it had about $47 million in cash on hand, and intended to continue \u201climited\u201d service and support for trucks out on the road. The bankruptcy filing listed liabilities of between $1 billion and $10 billion, and put the number of creditors it owes at between 1,000 and 5,000.Nikola is one of several fledgling electric vehicle companies that have struggled to turn their ideas into actual cars and trucks.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and\u00a0log into\u00a0your Times account, or\u00a0subscribe\u00a0for all of The Times.Thank you for your patience while we verify access.Already a subscriber?\u00a0Log in.Want all of The Times?\u00a0Subscribe.<\/p>\n","protected":false},"author":1,"featured_media":22472,"comment_status":"close","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-22470","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology"],"_links":{"self":[{"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/posts\/22470","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=22470"}],"version-history":[{"count":2,"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/posts\/22470\/revisions"}],"predecessor-version":[{"id":22473,"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/posts\/22470\/revisions\/22473"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/media\/22472"}],"wp:attachment":[{"href":"https:\/\/medexperts.pro\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22470"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22470"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22470"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}