Nikola Corp

‘Ambitious dreamer’ Trevor Milton seeks probation instead of prison

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Trevor Milton’s lawyers portrayed the Nikola Corp. founder as “guileless” and well meaning in a...

https://www.freightwaves.com/news/ambitious-dreamer-trevor-milton-seeks-probation-instead-of-prison

Is Nikola counting too much on California for salvation?

Nikola Corp.’s ability to escape near-death experiences is being tested by shouldering the $61.8 million cost of repairing its fire-prone battery electric trucks. But California’s generous incentives for electric trucks may be a path to survival as the startup’s latest peril plays out.

“California is a state on the cutting edge of technology and has big tailwinds for the transition to zero-emissions trucking with both carrots and sticks from government incentives and regulations,” Nikola CEO...

https://www.freightwaves.com/news/is-nikola-counting-too-much-on-california-for-salvation

Nikola electric truck recall price tag $61.8M

Nikola Corp. has set aside $61.8 million to replace the batteries in its recalled electric trucks. The company expects to begin returning repaired trucks to customers in the first quarter.

The accrued liability in third-quarter earnings includes the estimated cost to reengineer, validate and retrofit the 209 recalled battery-electric trucks with an alternative battery pack. Nikola did not identify the supplier.

“Upon further investigation, it was determined that the compromise of the battery...

https://www.freightwaves.com/news/nikola-electric-truck-recall-price-tag-61-8m

Nikola claws back $165 million from founder Trevor Milton

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Nikola Corp. won $165 million in arbitration with its convicted founder Trevor Milton. That is more...

https://www.freightwaves.com/news/nikola-claws-back-165-million-from-founder-trevor-milton

Bankrupt Proterra delays auctions of electrification businesses

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Bankrupt electric bus, battery and infrastructure developer Proterra Inc. has delayed the auction...

https://www.freightwaves.com/news/bankrupt-proterra-delays-auctions-of-electrification-businesses

Hyzon Motors agrees to $25M SEC fine to settle fraud case

Hyzon Motors agreed to pay a $25 million Securities and Exchange Commission fine to settle a fraud case over inflated claims about its fuel cell truck business.

Two former executives, including the founding CEO, also agreed to repay compensation received from the company. Two executives agreed to personally pay fines to the securities agency.

According to the SEC’s complaint, Hyzon:

  • Misrepresented the status of its business dealings with potential customers and suppliers to suggest significant...

https://www.freightwaves.com/news/hyzon-motors-agrees-to-25m-sec-fine-to-settle-fraud-case

Nikola founder loses bid for a new trial

Nikola Corp. founder Trevor Milton lost his bid for a new trial when the judge in his case rejected a defense claim that a juror hid a bias against rich people.

Milton’s personal fortune approached $10 billion during the high-flying days of the electric truck maker’s stock following its public debut in 2020. He has cashed out hundreds of millions of his holdings. But he still owns more than 5% of the company he founded in 2015.

Milton’s defense team argued in December that the juror’s comments...

https://www.freightwaves.com/news/nikola-founder-loses-bid-for-a-new-trial

Girsky’s goal at Nikola: Don’t ‘screw up the momentum’

Steve Girsky knows Nikola Corp. as well as anyone. He was instrumental in bringing the electric truck and hydrogen distributor public via SPAC, and he chaired the board for a tumultuous two and a half years of federal investigations and setbacks. 

Now, as the company prepares to commercially ship hydrogen-powered fuel cell trucks to customers, he has one near-term goal as the third CEO in a year: Don’t “screw up the momentum.”

Girsky gave his first one-on-one interview as CEO to FreightWaves on...

https://www.freightwaves.com/news/girskys-goal-at-nikola-dont-screw-up-the-momentum

Cash-starved Workhorse Group seeks to create new shares

With just $62.4 million in cash on its balance sheet, Workhorse Group desperately needs shareholders to agree to dilute their holdings by authorizing a near doubling of shares in the electric vehicle maker.

Workhorse is using a proxy solicitation firm to corral votes in favor of the measure. It needs 50% plus one of all outstanding shares to pass the measure. Workhorse is seeking to increase the number of authorized shares to 450 million from 250 million in a special shareholder meeting on Aug....

https://www.freightwaves.com/news/cash-starved-workhorse-group-seeks-to-create-new-shares

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