Nikola Badger

Renewed: Nikola and Trevor Milton’s soap opera 

No one asked for another season of the soap opera featuring Nikola Corp. and its convicted founder, Trevor Milton. But here we are.

Heigh- ho, heigh-ho, it’s off to court we go

When last we left the ongoing drama that is Nikola Corp. and its convicted founder, Trevor Milton, the fuel cell truck and hydrogen fuel distribution company had been unable to collect on a $167.7 million arbitration award in November. Milton moved in January to get the award overturned.

Last month, Nikola sued Milton in...

https://www.freightwaves.com/news/renewed-nikola-and-trevor-miltons-soap-opera

Prosecutor labels Trevor Milton a ‘con man’ in closing argument

Trevor Milton and defense attorney Marc Mukasey

Prosecutors took their final strokes Thursday at painting Nikola founder Trevor Milton as a greedy “con man” who repeatedly lied to pump up the electric truck maker’s stock price. 

The defense accused Nikola executives of enabling Milton’s obsession with luring retail investors via social media and podcast interviews. 

The jury of nine men and three women will begin deliberating in Manhattan, New York, on Friday. U.S. District Judge Edgardo Ramos’s instructions loom large in how they evaluate the...

https://www.freightwaves.com/news/prosecutor-labels-trevor-milton-a-con-man-in-closing-argument

Nikola adds crisis-tested directors to regain credibility

A series of embarrassing setbacks, including allegations of fraud and deception by its founder, brought electric truck startup Nikola Corp. (NASDAQ: NKLA) crashing to Earth following a stratospheric beginning as a public company.

With Trevor Milton, the high-profile ringmaster of company hype out of the picture, Nikola since Oct. 1 has added three crisis-hardened directors with deep business, management and manufacturing expertise.

“The goal was to bring resources to the board that management can...

https://s29755.pcdn.co/news/struggling-nikola-adds-crisis-tested-directors-to-regain-credibility

Yahoo Finance zings Nikola as worst company of the year

Yahoo Finance users voted Nikola Corp. (NASDAQ: NKLA) as the worst company of the year. And it wasn’t close. 

The battery-electric and fuel cell electric truck startup received five times more votes — 15% of 1,582 responses in a poll — than the second place company, which Yahoo Finance did not publicly name. 

Only one of five poll respondents said they think Nikola can recover.

The inauspicious achievement joins Nikola with Boeing Aerospace Co. (NYSE: BA), which was chosen worst company of 2019...

https://www.freightwaves.com/nose-bleeding-highs-crushing-lows-mark-electric-truck-startups-first-six-months

Despite Nikola’s woes, electric truck plant progresses in Arizona

Officials in Coolidge, Arizona, report that Nikola Corp. (NASDAQ: NKLA) is making significant construction progress on the first phase of its $600 million electric truck assembly plant. 

It’s a bit of positive news for the beleaguered startup. Nikola last week saw the collapse of an equity tie-up with General Motors and a two-day, 40% drop in its stock price as early investors dumped shares at their first opportunity. 

With those events over, attention shifts to Nikola’s planned milestones,...

https://s29755.pcdn.co/news/despite-nikolas-struggles-electric-truck-plant-progresses-in-arizona

GM walks on equity stake in Nikola, may supply fuel cells

General Motors (NYSE: GM) is passing on taking an equity stake in startup Nikola Corp. (NASDAQ: NKLA), reducing a wide-ranging manufacturing partnership and supply deal announced in September to possibly providing fuel cells in the future.

GM CEO Mary Barra and former Nikola Executive Chairman Trevor Milton excitedly described the $2 billion tie-up on Sept. 8. GM would get an 11% ownership in Nikola in exchange for manufacturing the Nikola Badger electric pickup truck. Providing advanced battery...

https://www.freightwaves.com/news/gm-walks-on-equity-stake-in-nikola-may-supply-fuel-cells

News alert: GM won’t take equity stake in Nikola

General Motors (NYSE: GM) won’t take an equity stake in startup electric truck maker Nikola Corp. (NASDAQ: NKLA), ending Nikola’s plans for its Badger pickup. But the two agreed to a nonbinding memorandum of understanding to explore using GM’s Hydrotec fuel cells in heavy-duty trucks.

GM originally planned to take an 11% stake in Nikola in exchange for producing the Badger, which Nikola heavily hyped under founder and former Executive Chairman Trevor Milton. The company would have had to pay GM...

https://www.freightwaves.com/news/news-alert-gm-wont-take-equity-stake-in-nikola

Trevor Milton can dump his Nikola stock on Monday — will he?

Nikola Motor Corp. (NASDAQ: NKLA) founder Trevor Milton no longer makes decisions for the startup electric truck maker. But he still wields significant influence. On Monday, he can sell his 91.6 million shares, about a quarter of all outstanding shares. What will he do?

Milton isn’t saying.

If he sells a large portion or all of his shares, the price of the already volatile stock likely would fall. A sudden glut could overwhelm the number of prospective buyers. 

“I can’t comment for Trevor,” Nikola...

https://s29755.pcdn.co/news/trevor-milton-can-dump-nikola-his-stock-on-monday-will-he

Talks continue but Nikola plans beyond uncertain GM deal

Officially, Nikola Corp. (NASDAQ: NKLA) is still talking with General Motors (NYSE: GM) about a tie-up to get batteries and fuel cells for its electric trucks. But CEO Mark Russell characterizes the GM products as backup plans, perhaps softening the blow if a deal is not reached.

“It goes without saying that we’re interested in doing the deal with GM if we can get it done,” he said.

But Nikola has plans, beginning with the battery-electric Nikola Tre, if it doesn’t happen.

“The basic plan is a...

https://s29755.pcdn.co/news/talks-continue-but-nikola-plans-beyond-uncertain-gm-deal

The Daily Dash: Questions grow about Nikola’s Badger; federal parking survey nears completion

Nikola Badger electric pickup

The Daily Dash is a quick look at what is happening in the freight ecosystem. In today’s edition, the future of Nikola’s Badger electric pickup is up in the air, and it could have long-term ramifications for the company as a whole. Plus, President Donald Trump signs a one-year funding extension for surface transportation programs, and a major survey on truck parking nears completion.

Is the Nikola Badger about to be roadkill?

The problems that Nikola Corp. (NASDAQ: NKLA) has had related to a...

https://s29755.pcdn.co/news/the-daily-dash-questions-grow-about-nikolas-badger-federal-parking-survey-nears-completion

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