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Freeman writes:

Nikola founder bought truck designs from third party:

The original design for Nikola's flagship truck was purchased by founder Trevor Milton from a designer in Croatia, according to two people with knowledge of the matter, despite company claims in a 2018 lawsuit that the vehicle was initially designed by Mr. Milton "in his basement.."

The truck, the Nikola One, is at the centre of a $2 billion lawsuit with Tesla, in which Nikola alleges its rival infringed on its patents. Nikola claims in that lawsuit that Mr. Milton began designing the model in 2013, with other company staff later working on it.

In a rebuttal to the lawsuit filed last week, Tesla alleged that Nikola could not protect the designs because they did not originate from the company itself, but from Adriano Mudri, a designer based in Croatia.

The arstechnica article didn't include any links.

Nikola Founder Bought Truck Design From Designer's College Portfolio: Report:

And Nikola's sub-contracture allegedly doesn't end with technology, as a Financial Times report alleges even Nikola's design for the hydrogen-powered One semi-truck was outsourced from Croatia.

Previously:
Nikola Stock Plunges 26% after Fraud Claims Complicate Hydrogen Plans
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

At this point, Nikola's business plan seems to be resembling the movie The Producers business plan more than anything.

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

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