Nikola Files for Bankruptcy: The Electric Truck Dream Crumbles

Electric truck maker Nikola has filed for Chapter 11 bankruptcy protection, marking the end of a challenging journey. The company faced persistent funding shortfalls and losses, ultimately failing to raise sufficient capital. Founder Trevor Milton was convicted of securities fraud, the company went through multiple CEO changes, sales were sluggish, and the stock price plummeted. Nikola will sell most of its assets and cease some operations by the end of March. This bankruptcy highlights the funding and market demand challenges faced by many electric vehicle companies that emerged during the pandemic.