Zero emission truck maker files for bankruptcy

The Arizona-based company that was once valued at almost £24bn has confirmed it will now wind down operations and sell its intellectual property and remaining assets.

Steve Girsky, president and CEO of Nikola, said: “Nikola has taken significant steps to move zero-emissions transportation forward, including bringing the first commercially available Class 8 hydrogen fuel cell electric trucks to market in North America and developing the HYLA hydrogen refuelling highway, connecting Northern California to Southern California.

“Our customers have accumulated approximately 3.3 million fleet miles across both our FCEV and BEV truck platforms and our HYLA fuelling network has dispensed well over 330 metric tons of hydrogen.

"Like other companies in the electric vehicle industry, we have faced various market and macroeconomic factors that have impacted our ability to operate. In recent months, we have taken numerous actions to raise capital, reduce our liabilities, clean up our balance sheet and preserve cash to sustain our operations. Unfortunately, our very best efforts have not been enough to overcome these significant challenges, and the Board has determined that Chapter 11 represents the best possible path forward under the circumstances for the Company and its stakeholders.”

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