Nikola specified that it currently holds $47 million in cash assets. It intends to keep offering specific maintenance and service assistance for the trucks it has sold, but only until the end of March. Following that, the business will require financial support to remain functional.
Nikola was established in 2014, achieving a market value of $30 billion by June 2020; however, in September of that year, the U.S. analytical firm Hindenburg Research released a report claiming Nikola’s leadership misled investors.
The inquiry stated that the firm had made “numerous” untrue assertions regarding technological advancements in its reports to entice other car manufacturers to collaborate. Following this, the manufacturer’s stock plummeted, prompting US authorities to initiate an investigation into the company and its founder, Trevor Milton. The former stepped down right after the inquiry was released, and in December 2023, Milton received a four-year prison sentence for deceiving investors.
source: bloomberg.com
