Is Nikola still making cars?
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 . Nikola ramped up production of its hydrogen-powered trucks in 2024, but still lost hundreds of thousands of dollars on every vehicle sold as fleet operators were reluctant to invest in electric truck adoption amid high borrowing costs. The stock fell about 38% on Wednesday, valuing the company at less than $50 million.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.Nikola Records Sales of 88 Hydrogen-Powered Class 8 Trucks for North American Customers in Q3 2024; 200 Total Sold This Year.
What went wrong with Nikola?
In Nikola’s case, bankruptcy followed the 2024 conviction of founder Trevor Milton on fraud charges for exaggerating how much progress the company had made on producing its zero-emission 18-wheel trucks. 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.
Is Nikola worth more than Ford?
Nikola burst onto the scene in 2015, then led by brazen founder and CEO Trevor Milton and his promise of a high-horsepower, high-torque emissions-free tractor. The company eventually went public and became a Wall Street sensation with a net worth that reached $30 billion, making it more valuable than Ford. Assuming Nikola can scale up its business, analysts expect its revenue to roughly triple to $406. By the final year, they expect its adjusted EBITDA margin to improve to negative 17%.Nikola’s November 2025 status The balance sheet shows that Nikola is deeply insolvent, with a negative net worth of about $172 million. The company has roughly $124 million in assets but about $296 million in total debts.