Nikola Corporation has filed for bankruptcy, marking the end of a turbulent journey filled with leadership changes, declining stock values, and allegations from short-sellers. The company, which transitioned from battery-powered semi-trucks to hydrogen-powered trucks, faced significant financial difficulties, including dwindling cash reserves and high production costs. Despite ramping up production in 2024, Nikola struggled with low demand due to high borrowing costs. The firm plans to sell its assets to maximize value during the wind-down process. Nikola’s cash reserves fell to $198.3 million by September, down from $464.7 million at the end of 2023. The company entered Chapter 11 proceedings with $47 million in cash. — news from Reuters
