Trevor Milton, the founder and former CEO of hydrogen- and electric-truck manufacturer Nikola Motors, has been sentenced to four years in prison for securities fraud, and issued with a $1m fine, in a court hearing in New York today (Monday) that took an increasingly surreal turn when the ...
Hydrogen and battery truck maker Nikola has warned that it may have to “terminate our operations” in the next 12 months after racking up an accumulated deficit of about $2bn and admitting it expects “continuing losses for the foreseeable future”. Hydrogen: hype, hope and the hard truths ...
At the Nikola World event in Scottsdale, Arizona, Nikola Motor Co. showed off two new vehicles, the Nikola Two hydrogen electric Class 8 truck and the Europe-bound Nikola Tre.
Nikola had a rocky year in 2020. After going public in June, it found itself facing allegations of fraud in its portrayal of the readiness of its battery-electric and hydrogen fuel cell technology as well as overstating the commitments from big customers. The company denied theallegations from...
party suppliers when Nikola claimed they were in-house inventions. Power inverters that Nikola said it developed came from a company called Cascadia. The Nicola Tre tractor was a non-working Nicola One with "H2" and "Zero Emission Hydrogen Electric" painted on the cab, the Hindenburg...
Wall Street lost interest in Nikola (NKLA) ever since fraud allegations forced founding CEO Trevor Milton to leave the company. However, the electric truck maker ha...
In September, Nikola found itselfresponding to a damning report by Hindenburg Research, a short seller that accused Nikola of fraud in its portrayal of its battery-electric and hydrogen fuel cell technology. FounderTrevor Milton left the companylater that month. ...
Nikola was set up to to develop trucks and pick-ups powered by electric batteries or hydrogen fuel cells Shares of embattled auto startup Nikola tumbled again Monday following the sudden resignation of company founder Trevor Milton in the wake of fraud allegations. ...
Prosecutors have said Milton sought to deceive investors about the electric- and hydrogen-powered truck maker’s technology starting in November 2019. He left the company in September 2020 after a report by short seller Hindenburg Research called the company a “fraud.” ...
According toThe Wall Street Journal,which cited people familiar with the matter, the hydrogen-truck maker has been working with its law firm Pillsbury Winthrop Shaw Pittman to look into options that include sale or restructuring of the company in bankruptcy. Nikola's founder was convicted of frau...