SoylentNews

Freeman [soylentnews.org] writes:

https://arstechnica.com/cars/2020/09/nikola-stock-plunges-26-after-fraud-claims-complicate-hydrogen-plans/ [arstechnica.com]

Shares of hydrogen truck startup Nikola plunged 26 percent on Wednesday after The Wall Street Journal reported [wsj.com] 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 [arstechnica.com].

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 [arstechnica.com] on Sunday.

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

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