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upstart writes in with an IRC submission:

Nikola semi startup shines on Wall Street with $34BN valuation:

While Tesla's long been the poster child for stratospheric market value despite modest profits, electric truckmaker Nikola knocked on Wall Street's door this week with a huge number.

As Automotive News points out, Nikola's market value reached $34 billion this week after its debut on the New York Stock Exchange last week. The incredible value, which is higher than Ford and Fiat Chrysler Automobiles, comes with a big caveat. The startup hasn't yet posted a single dollar in revenue.

In fact, Nikola's grand plans are even lengthier than we're used to from Tesla. The massive plant Nikola plans to build in Arizona won't be fully utilized until near the end of this decade, the company has previously said. The company did announce a notable new hire on Wednesday in Mark Duchesne. The executive will become Nikola's global head of manufacturing after he spent five years at Tesla and 22 years at Toyota.

[...] With all these grand plans moving ahead, Nikola forecasts revenue in 2023 as its semis begin trickling into the world. Today, the company says it has 14,000 reservations for its fuel-cell semi trucks, which it needs to still transform into actual preorders.

Tesla has its own semi truck, the Semi, which is reportedly ready for "volume production" and scheduled for launch next year.

Original Submission

takyon writes:

Nikola Unveils Three Reservation Packages for the Badger Electric Pickup Truck

Nikola, the manufacturer of an electric version of the heavy-truck, experienced a phenomenal bull run last week, prompted by the news of an imminent opening of reservations for the much-anticipated Badger electric pickup truck. Today, Nikola Motors tweeted further details regarding the seminal event, currently slated for the 27th of June.

[...] The first Nikola Badger reservation package will cost $250 and will entail a $500 discount applicable to the Badger's MSRP – expected to vary between $60,000 and $90,000. The package also contains a ticket to the Nikola World 2020 in order to view the Badger in-person. Finally, the package will entail 2 entries into a ballot for the Badger giveaway.

[...] As a refresher, Nikola unveiled the Badger electric pickup truck back in February 2020 to compete with Tesla's much-anticipated Cybertruck. According to the details revealed by the company, the Badger will retail in two power configurations: an FCEV (Fuel-Cell Electric) or BEV (Battery-Electric). Though it sports a much more conventional design as opposed to the Cybertruck's sharp corners and the futuristic vibe, the Badger offers impressive specs. As an illustration, the electric truck will offer a headline range of 600 miles through either of the two power configurations. Moreover, it will offer an acceleration from 0 to 60 mph in 2.9 seconds, a torque of up to 980 pounds-feet, and a peak horsepower of 906.

Previously: Nikola Semi Startup Shines on Wall Street With $34BN Valuation

Related: Nikola Corporation to Unveil Game-Changing Battery Cell Technology at Nikola World 2020
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146,000 Preorders for Tesla's Cybertruck in 48 Hours
Tesla Beats Expectations with Strong First-Quarter Delivery Numbers
Tesla's Robotaxi Fleet Will be 'Functionally Ready' in 2020, Musk Says

Original Submission

upstart writes in with an IRC submission for nutherguy that was the inspiration for the following:

New report claims widespread deception by Nikola Motor and founder Trevor Milton:

A new report claims that zero-emissions vehicle startup Nikola Motor has made a series of deceptive public statements and representations about its technology and business. Allegations include that Nikola staged a 2018 video of its signature hydrogen fuel-cell truck driving, and that it has made deceptive claims about its battery development efforts after the failure of an acquisition deal.

The allegations come from Hindenburg Research, which has a short position in Nikola stock. But they follow previous reports of misrepresentations by Nikola and broader expert skepticism about the company's aggressive claims.

The Hindenburg report's most striking claim is that a January 2018 video purportedly showing a Nikola One hydrogen fuel-cell semi truck moving under its own power was staged. According to Hindenburg, the video in fact showed the truck rolling down a long, gentle slope. Hindenburg's report includes a test confirming that the section of road shown in the video could accelerate a coasting vehicle to highway speeds, along with text messages from a former Nikola employee appearing to confirm the tactics.

Also at CNBC theDrive and zerohedge.

Original Submission

Freeman writes:

Nikola stock plunges 26% after fraud claims complicate hydrogen plans:

Shares of hydrogen truck startup Nikola plunged 26 percent on Wednesday after The Wall Street Journal reported that the company was struggling to find partners to build a planned network of hydrogen fueling stations. Nikola's stock closed at $21.15 on Wednesday, a decline of 57 percent from the $50 peak reached on September 8

[...] Nikola now concedes that the truck never worked and that a promotional video of the truck was made by rolling it down a hill.

Nikola argued that this was old news because Nikola is no longer marketing the Nikola One and has a working prototype of the Nikola Two. But the revelations threw the company into chaos and forced Milton to resign on Sunday.

Previously:
New Report Claims Widespread Deception by Nikola Motor and Founder Trevor Milton
Nikola Motors Opening Reservations for Badger Electric Pickup Truck on June 27
Nikola Semi Startup Shines on Wall Street With $34BN Valuation

Original Submission

fliptop writes:

Electric vehicle startup Nikola Corp. has announced it had filed for Chapter 11 bankruptcy:

Nikola now joins a line of EV startups that fell into bankruptcy over the past year. While the Biden-Harris administration went full-speed ahead with a vision of EVs replacing gas-powered vehicles, electric-vehicle production has become a bad bet for the companies that jumped into the vision head-first. Consumers just never got on board with the plan.

With Trump planning to end federal EV mandates and legislation seeking to stop tax credits for the purchase of new EVs, the list of failed EV startups might continue to grow.

[...] The company went public in 2020, according to Bloomberg, through a deal with a special-purpose acquisition company. Nikola's stock went up after the transaction was closed, but shortly after, Bloomberg revealed its founder, Trevor Milton, had overstated the capability of the company's debut truck. He was later convicted on fraud charges.

"Like other companies in the electric vehicle industry, we have faced various market and macroeconomic factors that have impacted our ability to operate," Nikola president and CEO Steve Girsky said in a recent statement on the company's bankruptcy filing.

Previously:

• Nikola Stock Craters After Cancellation of Major Garbage Truck Order
• Nikola Stock Falls 14 Percent after CEO Downplays Badger Truck Plans
• Nikola's Deal With GM Was Supposed to Close Today—It Didn't
• Nikola Founder Bought Truck Designs From Third Party
• Nikola Stock Plunges 26% after Fraud Claims Complicate Hydrogen Plans
• New Report Claims Widespread Deception by Nikola Motor and Founder Trevor Milton

Original Submission

Freeman writes:

Nikola’s deal with GM was supposed to close today—it didn’t:

When Nikola and GM announced a partnership on September 8, GM said it expected the deal to close by September 30. Now September 30 has arrived, and the deal hasn't closed. Media reports indicate that the deal is unlikely to close today.

A GM spokesman confirmed the delay in an email to Ars. "Our transaction with Nikola has not closed. We are continuing our discussions with Nikola and will provide further updates when appropriate."

[...] September 30 isn't a hard deadline. According to Nikola's regulatory filing about the deal, the transaction can be terminated by either party if it hasn't closed by December 3. So talks between the companies could drag on for another two months.

Previously:
Nikola Founder Bought Truck Designs From Third Party

Original Submission

Freeman writes:

https://arstechnica.com/cars/2020/10/nikola-ceo-downplays-badger-truck-as-gm-negotiations-drag-on/

Nikola CEO Mark Russell downplayed the company's Badger pickup truck in comments to the Financial Times on Thursday.

"The Badger was an interesting and exciting project to some shareholders, but our institutional shareholders are mostly focused on the business plan," Russell said. "Our core business plan since before we became publicly listed always focused on heavy trucks and hydrogen infrastructure."

Russell's comments were published after markets closed on Thursday. Nikola's stock price plunged on Friday morning and is currently down about 14 percent for the day.

Previously:
Nikola's Deal With GM Was Supposed to Close Today—It Didn't
Nikola Founder Bought Truck Designs From Third Party

As recently as September 8, 2020 the stock was trading at $50.50

Original Submission