On Wednesday, Nikola Corp. — once a darling of the electric vehicle industry — filed for Chapter 11 bankruptcy protection.
This move signaled the culmination of a tumultuous journey from a company valued at $26 billion in 2020 to one now seeking to liquidate assets and restructure operations. Its bankruptcy filing paints a stark picture of Nikola’s financial woes, with assets estimated between $500 million and $1 billion against liabilities ranging from $1 billion to $10 billion.
As the company...
https://www.freightwaves.com/news/for-nikola-the-writing-was-on-the-wall