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Nikola Corporation
Nikola Corporation (formerly known as Nikola Motor Company) is an American manufacturer of heavy-duty commercial battery-electric vehicles and fuel-cell electric vehicles. It presented several concept vehicles from 2016 to 2020, the first of which was a natural gas fueled turbine-electric semi truck. The company went public on June 4, 2020. In February 2022, the company projected deliveries of between 300 and 500 of its first battery-electric semitrucks — known as the Nikola Tre — to customers. The company delivered its first two battery-electric trucks in December 2021. The company is named in honor of Nikola Tesla, but not related to the inventor. Nikola Corporation is based in Phoenix, Arizona.
In September 2020, the Securities and Exchange Commission and the Department of Justice launched investigations into securities fraud allegations. In July 2021, a United States federal grand jury indicted Nikola founder and former CEO Trevor Milton, but did not indict the company. The indictment charged Milton with three counts of criminal fraud—for "lying about 'nearly all aspects of the business'"—and two counts of securities fraud. Publicly traded shares in Nikola dropped to around US$12 after falling from over $65 in mid-2020, when its market valuation had exceeded that of the Ford Motor Company. In October 2022, Milton was found guilty in federal court of three of four counts of fraud against him, over statements he made while CEO of the company.
On February 19, 2025, the company filed for Chapter 11 bankruptcy protection, stating that it would seek to sell off all or most of its assets. Gordon Brothers offered for sale over 100 Nikola trucks, hydrogen business machinery and inventory products.
Nikola Corporation was founded by Trevor Milton in 2014 in Salt Lake City, Utah.
As of 2016[update], the first 5,000 Nikola One hydrogen-powered glider trucks (truck vehicle platforms without engines) were slated to be built by Fitzgerald Glider Kits in Tennessee. In March 2019, Nikola acquired a 389-acre parcel of land in Coolidge, Arizona, for $23 million, with future state and local tax breaks. Nikola said in 2019 that they expected truck factory construction to start in 2020, truck construction in 2021, and the fabrication of 35–50,000 trucks per year by 2023.
In February 2019, Mark Russell was hired as company president. Russell had most recently been president and CEO of Nikola Corporation's investor, Worthington Industries.
In April 2019, Nikola held the Nikola World event in Scottsdale, Arizona. The two-day midweek event included a public demo day to show off the Nikola Two truck, the Nikola Tre truck, the Nikola NZT UTV, and the Nikola WAV watercraft.
In March 2020, Nikola Corporation announced its plans to merge with VectoIQ Acquisition Corporation (ticker VTIQ), a publicly traded special-purpose acquisition company run by former General Motors (GM) vice-chairman and Stephen Girsky. This resulted in the combined company being listed on the NASDAQ exchange with the NKLA ticker symbol. As part of the merger, founder and CEO Trevor Milton had his title changed from CEO to Executive Chairman and Nikola President Mark Russell became president and CEO. Nikola's stock began trading on June 4, 2020, a day after the merger was completed. By June 9, the shares had more than doubled since they began trading, as investors continued to bet on the growth potential of electric transportation. At the end of June, Nikola started taking reservations for pickup truck, the Badger, even though a prototype had not been shown to the public.
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Nikola Corporation
Nikola Corporation (formerly known as Nikola Motor Company) is an American manufacturer of heavy-duty commercial battery-electric vehicles and fuel-cell electric vehicles. It presented several concept vehicles from 2016 to 2020, the first of which was a natural gas fueled turbine-electric semi truck. The company went public on June 4, 2020. In February 2022, the company projected deliveries of between 300 and 500 of its first battery-electric semitrucks — known as the Nikola Tre — to customers. The company delivered its first two battery-electric trucks in December 2021. The company is named in honor of Nikola Tesla, but not related to the inventor. Nikola Corporation is based in Phoenix, Arizona.
In September 2020, the Securities and Exchange Commission and the Department of Justice launched investigations into securities fraud allegations. In July 2021, a United States federal grand jury indicted Nikola founder and former CEO Trevor Milton, but did not indict the company. The indictment charged Milton with three counts of criminal fraud—for "lying about 'nearly all aspects of the business'"—and two counts of securities fraud. Publicly traded shares in Nikola dropped to around US$12 after falling from over $65 in mid-2020, when its market valuation had exceeded that of the Ford Motor Company. In October 2022, Milton was found guilty in federal court of three of four counts of fraud against him, over statements he made while CEO of the company.
On February 19, 2025, the company filed for Chapter 11 bankruptcy protection, stating that it would seek to sell off all or most of its assets. Gordon Brothers offered for sale over 100 Nikola trucks, hydrogen business machinery and inventory products.
Nikola Corporation was founded by Trevor Milton in 2014 in Salt Lake City, Utah.
As of 2016[update], the first 5,000 Nikola One hydrogen-powered glider trucks (truck vehicle platforms without engines) were slated to be built by Fitzgerald Glider Kits in Tennessee. In March 2019, Nikola acquired a 389-acre parcel of land in Coolidge, Arizona, for $23 million, with future state and local tax breaks. Nikola said in 2019 that they expected truck factory construction to start in 2020, truck construction in 2021, and the fabrication of 35–50,000 trucks per year by 2023.
In February 2019, Mark Russell was hired as company president. Russell had most recently been president and CEO of Nikola Corporation's investor, Worthington Industries.
In April 2019, Nikola held the Nikola World event in Scottsdale, Arizona. The two-day midweek event included a public demo day to show off the Nikola Two truck, the Nikola Tre truck, the Nikola NZT UTV, and the Nikola WAV watercraft.
In March 2020, Nikola Corporation announced its plans to merge with VectoIQ Acquisition Corporation (ticker VTIQ), a publicly traded special-purpose acquisition company run by former General Motors (GM) vice-chairman and Stephen Girsky. This resulted in the combined company being listed on the NASDAQ exchange with the NKLA ticker symbol. As part of the merger, founder and CEO Trevor Milton had his title changed from CEO to Executive Chairman and Nikola President Mark Russell became president and CEO. Nikola's stock began trading on June 4, 2020, a day after the merger was completed. By June 9, the shares had more than doubled since they began trading, as investors continued to bet on the growth potential of electric transportation. At the end of June, Nikola started taking reservations for pickup truck, the Badger, even though a prototype had not been shown to the public.