Electric truck manufacturer Nikola Corp. has filed for Chapter 11 bankruptcy protection after struggling with market and macroeconomic challenges. CEO Steve Girsky stated that despite efforts to raise capital and reduce liabilities, the company could not overcome significant obstacles. Nikola is seeking court approval to sell its assets quickly to cover costs during the bankruptcy process. The company’s cash reserves have dwindled to $47 million, and its stock has dropped over 70% this year. Nikola follows a trend among electric vehicle manufacturers facing similar issues, often leading to asset sales or liquidation rather than reorganization. — news from Fox Business
