Nikola, Electric Truck Maker, Files for Bankruptcy

Published On Feb 19, 2025, 8:12 AM

Nikola, an electric vehicle start-up initially praised for its potential in the heavy truck market, has filed for bankruptcy protection. The company, which was founded in 2015 and went public in 2020, has faced numerous challenges in delivering a viable product. After a peak in stock price driven by investor enthusiasm, Nikola struggled to produce electric trucks in any meaningful quantity, leading to a significant financial downturn. Following the bankruptcy filing, it reported having around $47 million in cash but liabilities between $1 billion and $10 billion. Nikola plans to use this process to sell its assets and wind down operations.