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Nikola files for bankruptcy protection. Here's what to know about the troubled EV maker
Troubled electric vehicle maker Nikola has filed for Chapter 11 bankruptcy protection months after saying that it would likely run out of cash early this year.
Nikola was a hot startup and rising star on Wall Street before becoming enmeshed in scandal and its founder was convicted in 2022 for misleading investors about the Arizona company's technology.
At the trial of founder Trevor Milton, prosecutors say a company video of a prototype truck appearing to be driven down a desert highway was actually a video of a nonfunctioning Nikola that had been rolled down a hill.
But the hype around the company was immense. In 2020, Nikola was valued at around $30 billion, exceeding the market capitalization of Ford Motor Co.
Nikola filed for protection in the United States Bankruptcy Court for the District of Delaware and said Wednesday that it has also filed a motion seeking approval to pursue an auction and sale of the business.
The company has about $47 million in cash on hand.
Nikola Corp. plans to to continue limited service and support operations for vehicles on the road, including fueling operations through the end of March, subject to court approval. The company said that it will need to raise more funding to support those types of activities after that time.
"Like other companies in the electric vehicle industry, we have faced various market and macroeconomic factors that have impacted our ability to operate," CEO Steve Girsky said in a statement.
The executive said the company has made efforts in recent months to raise funds and reduce liabilities and preserve cash, but that it hasn't been enough.
"The Board has determined that Chapter 11 represents the best possible path forward under the circumstances," Girsky said.
In December 2023 founder Trevor Milton was sentenced to four years in prison after being convicted of exaggerating claims about his company's production of zero-emission 18-wheel trucks, leading to sizeable losses for investors.
Milton was convicted of fraud charges, portrayed by prosecutors as a con man six years after he had founded the company in a basement in Utah.
Prosecutors said Milton falsely claimed to have built its own revolutionary truck that was actually a General Motors product with Nikola's logo stamped onto it.
Called as a government witness, Nikola's CEO testified that Milton "was prone to exaggeration" when pitching his venture to investors.
Milton resigned in 2020 amid reports of fraud that sent Nikola's stock prices into a tailspin. Investors suffered heavy losses as reports questioned Milton's claims that the company had already produced zero-emission 18-wheel trucks.
The company paid $125 million in 2021 to settle a civil case against it by the SEC. Nikola didn't admit any wrongdoing.
Aside from its personal troubles, Nikola has also had to contend with a more perilous environment for EV makers as sales slow. President Donald Trump has promised to eliminate what he incorrectly calls President Joe Biden's "electric vehicle mandate."
What that means in practice is that his executive order will revoke a non-binding goal set by Biden to have EVs make up half of new cars sold by 2030. He will also likely seek repeal of a $7,500 tax credit for new EV purchases approved by Congress as part of Biden's landmark 2022 climate law, the Inflation Reduction Act.
Shares of Nikola, based in Phoenix, Arizona, tumbled more than 49% before the market opened Wednesday.
Troubled electric vehicle maker Nikola has filed for Chapter 11 bankruptcy protection months after saying that it would likely run out of cash early this year.
How is the stock still listed? Down 99.8% all time that has to be a record. In a way they deserve it the company went after anyone that tried to call out their lies especially on YT they would copyright strike people left and right.
Originally Posted by AMIRZA786
The RZ is actually a very good looking EV 👍
Worst EV you can buy, forget the publication that did charging tests of various EVs the Toyota (same car) can barely charge in the cold it took 8 hours, and yes that's on a fast charger not home plug.
How is the stock still listed? Down 99.8% all time that has to be a record. In a way they deserve it the company went after anyone that tried to call out their lies especially on YT they would copyright strike people left and right.
Worst EV you can buy, forget the publication that did charging tests of various EVs the Toyota (same car) can barely charge in the cold it took 8 hours, and yes that's on a fast charger not home plug.
It's still a good looking SUV. All the underlying issues will eventually get addressed, as of right now its only a compliance EV
It's still a good looking SUV. All the underlying issues will eventually get addressed, as of right now its only a compliance EV
That doesn't help people that buy the current version. No one should buy this SUV the charging curve is horrendous. Couldn't find the test I was thinking of but here's another
Subaru version (same vehicle) went up in flames during a charging stop. Half baked effort at best avoid this vehicle completely the battery management is industry worst.
That doesn't help people that buy the current version. No one should buy this SUV the charging curve is horrendous. Couldn't find the test I was thinking of but here's another
Subaru version (same vehicle) went up in flames during a charging stop. Half baked effort at best avoid this vehicle completely the battery management is industry worst.
That doesn't help people that buy the current version. No one should buy this SUV the charging curve is horrendous. Couldn't find the test I was thinking of but here's another
Subaru version (same vehicle) went up in flames during a charging stop. Half baked effort at best avoid this vehicle completely the battery management is industry worst.
I used to bring in $5 to $10k a month from iPod accessories. It all fell apart when some Chinese competitors jumped into the market, I couldn't compete, and the 2008 crash didn't help things
dang reading the rest of that situation in your post (stuck with loads of parts, dodging debt collectors...) fugly... your life certainly hasn't been dull.
Originally Posted by AMIRZA786
I absolutely love Windows 11
ah, good for you but no thanks. i don't use windows at all now except client computers (shudder). windows 11 has just made the 'pile of code' worse than windows 7, 8, 10, etc. you still have to go into the 'old' control panel to do certain things. powershell vs terminal vs cmd... can't they make up their mind. outlook - biggest pile of crap ever, and the 'new' outlook is even worse (looks like a re-write and thus isn't compatible with decades of stuff that's worked with the 'old' outlook). an account for 365 is apparently not a 'microsoft' account in many cases (you can't log into windows with it). permissions for files, folders, shares is another hot mess. clients getting confused and using one drive personal when they have one drive business or google drive and don't realize it. on and on... ugh.
but it pays the bills
I can manage all our infrastructure, including our Linux servers. I used a Mac for awhile to manage our network, but I had to either use Remote Desktop or I had to run a Windows Virtual machine to manage our infrastructure.
why, aren't the portals just websites? or are you using some azure installed apps (admin kit) or something?
Originally Posted by AMIRZA786
The thing is, we are heavily integrated in MS services. We use MS365, Azure AD etc.
job security for life.
Originally Posted by AMIRZA786
In 2009 the company I worked for at the time acquired a manufacturing company in San Jose. Their accounting/ERP system was not only running on a 486, but was running Win95, and the Accounting/ERP system was a demo that some guy brought on floppy that he was developing and trying sell...back in the mid 90's. They were running some pirated email software on an old computer that was basically a virus compromised SPAM host that was also running as a command and control server. Their network was a bunch of daisy chained 10mbps Hubs (not switches) and their cabling was cat 5 cables that one of the guys who worked their just threw through the ceiling from room to room. Their internet was DSL, and their router was whatever the DSL company gave them. I was able to modernize them a bit, but to this day they just pretty much do what they want, their manager doesn't like to be told what software they can or cannot run (most of it is stuff they pirate), that he needs to pay for licensing and support, so I just isolated them on their own network and let them have at it
nightmare. and you're still involved with them today? clients like that can be charged "special" rates.
That doesn't help people that buy the current version. No one should buy this SUV the charging curve is horrendous. Couldn't find the test I was thinking of but here's another
lack of context there isn't helpful... looks like this 'test' was done in sub-zero temp (doesn't say what the temp was that i could find).
i assume the weak results for some are due to being more conservative about not charging a cold battery, so conditioning it first before starting.
of course real world you'd use pre-conditioning in such horrible conditions and probably get much better results.
hard to see how the tesla could be so far ahead unless the charging was done at a supercharger and thus the car knew charging was upcoming and it preconditioned automatically. but then it is a publication callrd "drive tesla"
dang reading the rest of that situation in your post (stuck with loads of parts, dodging debt collectors...) fugly... your life certainly hasn't been dull. 'Nope. Life hasn't been dull, especially between 2008 and 2013 when I was dodging collectors and civil summons. BTW, did I mention I'm an expert at dealing with debt collectors?'
ah, good for you but no thanks. i don't use windows at all now except client computers (shudder). windows 11 has just made the 'pile of code' worse than windows 7, 8, 10, etc. you still have to go into the 'old' control panel to do certain things. powershell vs terminal vs cmd... can't they make up their mind. outlook - biggest pile of crap ever, and the 'new' outlook is even worse (looks like a re-write and thus isn't compatible with decades of stuff that's worked with the 'old' outlook). an account for 365 is apparently not a 'microsoft' account in many cases (you can't log into windows with it). permissions for files, folders, shares is another hot mess. clients getting confused and using one drive personal when they have one drive business or google drive and don't realize it. on and on... ugh.
but it pays the bills 'YEP'
why, aren't the portals just websites? or are you using some azure installed apps (admin kit) or something? 'For the physical Windows Servers as well as On Prem AD, I use Windows tools like AD Users and computers, etc. For Linux servers, I use PUTTY or PowerShell. For other stuff that has web interfaces, I use Firefox or Chrome'
job security for life. 'YEP'
nightmare. and you're still involved with them today? clients like that can be charged "special" rates.
I still support them (even though I don't directly work for the parent company anymore), and yes, we charge the "special rates" All responses to your other posts are below the bolded
Last edited by AMIRZA786; Feb 19, 2025 at 01:18 PM.
lack of context there isn't helpful... looks like this 'test' was done in sub-zero temp (doesn't say what the temp was that i could find).
i assume the weak results for some are due to being more conservative about not charging a cold battery, so conditioning it first before starting.
of course real world you'd use pre-conditioning in such horrible conditions and probably get much better results.
hard to see how the tesla could be so far ahead unless the charging was done at a supercharger and thus the car knew charging was upcoming and it preconditioned automatically. but then it is a publication callrd "drive tesla"
Why make a wheel barrel full of excuses?
i assume the weak results for some are due to being more conservative about not charging a cold battery, so conditioning it first before starting.
There is no battery conditioning.
CAA did the test but you didn't bother to read anything.
i don't use windows at all now except client computers (shudder). windows 11 has just made the 'pile of code' worse than windows 7, 8, 10, etc. you still have to go into the 'old' control panel to do certain things. powershell vs terminal vs cmd... can't they make up their mind. outlook - biggest pile of crap ever, and the 'new' outlook is even worse (looks like a re-write and thus isn't compatible with decades of stuff that's worked with the 'old' outlook). an account for 365 is apparently not a 'microsoft' account in many cases (you can't log into windows with it). permissions for files, folders, shares is another hot mess. clients getting confused and using one drive personal when they have one drive business or google drive and don't realize it. on and on... ugh.