Nikola, pioneer in electric and hydrogen trucks, files for bankruptcy

Nikola Motor, a leader in electric and hydrogen trucks, has filed for bankruptcy and will cease operations by March 2025 unless acquired. Struggling financially since late 2024, the company filed for Chapter 11 bankruptcy in the U.S. With $47 million in assets, it plans to offer limited services and sell off its holdings. CEO Steve Girsky cited insurmountable economic challenges. Founded in 2014, Nikola withdrew from the European market in 2023, and its founder, Trevor Milton, was convicted that same year for defrauding investors.