Reported 2 days ago
Nikola, the troubled electric truck manufacturer, has filed for Chapter 11 bankruptcy protection, citing ongoing challenges such as low demand, high operational costs, and financial instability. The company plans to sell its assets while continuing limited support for existing truck operations until the end of March. This bankruptcy follows a series of financial setbacks, safety recalls, and leadership changes, culminating in a dramatic decline from a peak market value of $27 billion in 2020 to under $50 million now.
Source: YAHOO