Nikola Corporation

Nikola’s Bankruptcy a Reality Check for Diesel Alternatives

The promise of zero-emission freight has suffered a big setback with Nikola Corp.’s bankruptcy. A company that once positioned itself as a disruptor in the trucking industry is dying a slow death. The electric- and hydrogen-powered truck manufacturer, once heralded as the Tesla of trucking, struggled with financial instability, supply chain challenges and a series of setbacks that ultimately led to its demise.

But Nikola’s downfall is bigger than just one company. It raises real questions about...

https://www.freightwaves.com/playbook/nikolas-bankruptcy-a-reality-check-for-diesel-alternatives

For Nikola, the writing was on the wall

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

Nikola files for Chapter 11 bankruptcy protection

Nikola Corp. filed for Chapter 11 bankruptcy protection Wednesday after failing to secure a buyer or raise additional capital. The Phoenix-based manufacturer of zero-emissions trucks announced it will pursue an auction and sale process for its assets as it grapples with ongoing financial difficulties.

This marks a dramatic fall for a company that was, at its valuation peak in 2020, briefly worth more than Ford Motor Co.

“Like other companies in the electric vehicle industry, we have faced various...

https://www.freightwaves.com/news/nikola-files-for-chapter-11-bankruptcy-protection

Nikola’s latest hire puts its SPAC sponsors in full control

The hiring of Mary Chan as chief operating officer at Nikola Corp. puts the key players in the special purpose acquisition company that brought the electric truck maker public in charge from the boardroom to the factory.

When Chan takes on the newly created role on Oct. 9, executives of the SPAC sponsor VectorIQ will occupy the chair, CEO and COO roles. She was president, COO and a managing partner at VectorIQ II, a follow-on SPAC that refunded investor money following the bursting of the SPAC...

https://www.freightwaves.com/news/nikolas-latest-hire-puts-its-spac-sponsors-in-full-control

First Nikola battery-electric trucks delivered at Los Angeles port

The Californian logistics provider Total Transportation Services (TTSI) has received two Nikola tree battery-electric vehicle (BEV) zero mission trucks, designed for local deliveries up to 563 kilometres.

The manufacturer of battery-electric vehicles Nikola Corporation delivered the first two trucks at the Port of Los Angeles, as part of TTSI’s order of 100 vehicles in total.

Based on satisfactory completion of the vehicle trials and subject to TTSI obtaining certain government funding, 30 BEVs...

https://container-news.com/first-nikola-battery-electric-trucks-delivered-at-los-angeles-port/

Nikola sets Arizona plant groundbreaking for July 23

Nikola Tre

Nikola Corp. (NASDAQ: NKLA) will break ground on a plant in Coolidge, Arizona, on July 23 that initially will employ 2,000 workers building battery-electric Class 8 trucks.

Nikola Executive Chairman Trevor Milton on Friday. The plant, which is expected to take 12-18 months to construct, eventually will build 35,000 battery and hydrogen fuel cell electric trucks annually, a Nikola spokeswoman said.

The startup, which became a publicly traded company via a reverse merger on June 4, is competing...

https://s29755.pcdn.co/news/nikola-sets-arizona-plant-groundbreaking-for-july-23