Reported 2 days ago
Nikola, the electric truck manufacturer, has filed for Chapter 11 bankruptcy protection amid financial struggles and declining sales. Founded over a decade ago, the company sought to maximize asset value through a sale process after facing rapid cash burn and high liabilities. The firm, which once promised to revolutionize the EV sector, will continue some operations until the end of March but ultimately marks a challenging end for a company plagued by leadership changes and a tarnished reputation due to past fraud allegations.
Source: YAHOO