Troubled electric vehicle maker Nikola files for bankruptcy protection
Troubled electric vehicle maker Nikola is filing for for Chapter 11 bankruptcy protection
Troubled electric vehicle maker Nikola has filed for Chapter 11 bankruptcy protection.
The company, once a rising star on Wall Street, became enmeshed in scandal and its founder was convicted in 2022 for misleading investors about the company's capabilities.
The Arizona company filed for protection in the United States Bankruptcy Court for the District of Delaware and said Wednesday that it has also filed a motion seeking approval to pursue an auction and sale of the business.
Nikola plans to to continue limited service and support operations for vehicles on the road, including certain HYLA fueling operations through the end of March, subject to court approval. The company said that it will need one or more partners to support those types of activities after that time.