What happened to the Nikola truck company?
Nikola Motors, the once a promising hydrogen fuel-cell startup behind the Class 8 Tre semi, has been reduced to a single employee following its February 2025 bankruptcy filing, according to the latest U. S. Bankruptcy Court for the District of Delaware court report, dated December 22. Nikola Motors’ post-bankruptcy shutdown and liquidation continues to proceed as the once-promising manufacturer of battery-electric and hydrogen fuel cell Class 8 semi trucks is down to its last three employees and a cash balance, as of late August, of just $50 million in cash, though a significant portion is reserved .Shares of Nikola, a battery and hydrogen fuel-cell-powered truck maker, plunged after the company announced on Wednesday that it and its subsidiaries have filed for Chapter 11 bankruptcy protection.Nikola sold 112 hydrogen fuel cell trucks in the first half of 2024. Nikola’s expansion of its own hydrogen mobility, HYLA, includes establishing 14 refueling solutions by year-end. In February 2025, Nikola filed for federal bankruptcy.Nikola Motors, the once a promising hydrogen fuel-cell startup behind the Class 8 Tre semi, has been reduced to a single employee following its February 2025 bankruptcy filing, according to the latest U. S. Bankruptcy Court for the District of Delaware court report, dated December 22.Nikola, a startup that built electric and hydrogen fuel-cell semi-trucks, filed for bankruptcy earlier this year, and now its assets are up for grabs. The auction listing from Gordon Brothers includes 103 hydrogen fuel-cell trucks and plenty of spare parts.
Is Nikola stock worth buying?
Should I buy or sell Nikola Stock? Nikola holds several positive signals, but we still don’t find these to be enough for a buy candidate. Nikola is still in its early stages. It has not yet generated significant revenue or profits. This means that it can be a risky investment.Nikola holds several positive signals, but we still don’t find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.Nikola might not go bankrupt for at least a few quarters, thanks to the massive capital raise and the lower expected cash burn, but it is too risky a name to bet on as a potential multibagger, as well.
What happened to Nikola CEO?
Convicted of bilking investors, Nikola founder and Trump donor gets a presidential pardon. Trevor Milton, the founder of electric vehicle start-up Nikola who was sentenced to prison last year for fraud, was pardoned by President Donald Trump, the White House confirmed Friday. Milton resigned from Nikola in 2020 following fraud allegations. He was convicted of securities and wire fraud in 2023, receiving a 4-year prison sentence and a $1 million fine.The sales this month follow a string of transactions in August, when Milton sold about 16. Nikola investors.Trevor Milton, founder of Nikola Corporation, was sentenced to four years in prison Monday by U. S. District Judge Edgardo Ramos in New York for engaging in securities and wire fraud in connection with his scheme to defraud and mislead investors about the development of products and technology developed by Nikola.
Is GM buying Nikola?
G. M. Nikola for use in the heavy-duty trucks the start-up is developing but has yet to mass produce. But G. M. Nikola or take an 11 percent stake in the company — once valued at $2 billion. GM buys eleven percent stake in US electric truck maker Nikola expects to save billions with the partnership by having access to GM’s Ultium battery system and Hydrotec fuel cell technology along with other GM parts and components.GM buys eleven percent stake in US electric truck maker For GM’s investment in the company it will receive $2 billion in new NKLA stock and will have 11% ownership of Nikola plus the right to nominate one director to its board.