EV maker Nikola – once ‘considered the pinnacle of auto startups’ – files for Chapter 11 bankruptcy – ‘Was valued more than Ford Motor at $30 billion’
By Marc Morano
February 19, 2025
https://www.cnbc.com/2025/02/19/nikola-chapter-11-bankruptcy-protection.htmlBy Michael Wayland
Nikola filed for bankruptcy protection after failing to secure a buyer or raise additional funds to maintain operations.
The filing marks the finale of the company’s yearslong fall from grace.
Nikola’s core products are all-electric and fuel cell electric semitrucks.
At its peak in 2020, Nikola was valued more than Ford Motor at $30 billion, inked a multibillion-dollar deal with General Motors and was considered the pinnacle of auto startups.
DETROIT — Nikola Corp. — an auto startup that was once a favorite of Wall Street analysts and retail investors — filed for bankruptcy protection after failing to secure a buyer or raise additional funds to maintain operations.
Nikola said Wednesday that it plans to pursue an auction and sale process of its assets, pending court approval. The company said it has approximately $47 million in cash to fund its bankruptcy activities, implement the sale process and exit Chapter 11.
https://www.climatedepot.com/2025/02/19/ev-maker-nikola-once-considered-the-pinnacle-of-auto-startups-files-for-chapter-11-bankruptcy-was-valued-more-than-ford-motor-at-30-billion/
