Nikola Once Sued Tesla for Copying Its Truck – Going Bankrupt: Report

Legal and Financial Troubles

A report from the Wall Street Journal says Nikola Motor is running out of options.

The hydrogen-electric truck maker is working with law firm Pillsbury Winthrop Shaw Pittman to explore its next steps. These could include selling the company or filing for bankruptcy.

A Nikola representative said the company is still reviewing its financial situation. It is looking at different ways to raise money, including restructuring.

Nikola’s Rise and Fall

Nikola was once seen as a real competitor in the electric truck market. The company even sued Tesla, claiming the Semi copied its Nikola One prototype.

Nikola went public in 2020 before selling a single truck. But things changed when Hindenburg Research accused the company and then-CEO Trevor Milton of misleading investors about its technology.

Milton was convicted of fraud in 2022. He has appealed the decision. After he left, Nikola moved forward with new leadership and launched the Nikola Tre.

Struggles Continue

Nikola’s latest earnings report shows it built more than 80 trucks in the last reported quarter. But it still posted a net loss of almost $200 million.

Now, the company is searching for ways to survive.