Development ends a challenging journey, including many leadership changes, stock values, and short seller allegations.
EV startups that went to public during the epidemic, promising to revolutionize in the fields like Fiskar, Protera and Lordstown Motors have applied for bankruptcy to flag high interest rates and demand in recent years as funds for their capital-intensive operations.
“Like other companies in the electric vehicle industry, we face various market and macroeconomic factors that have affected our ability to operate,” Nicola CEO Steve Girsky said in a statement.
“Unfortunately, our very best effort is not enough to overcome these significant challenges,” he added.
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EV Pioneer Tesla, led by Alon Musk, first reduced the annual sales in 2024, as offers demanded high borrowed costs and aging lineups, despite fur and incentives.
Nicola, who started making battery-powered semi-trucks and lashed out an electric truck using hydrogen, she said she decided to start the sale process to maximize the value and ensure tidy winds.
By the end of March, Pay FirM will continue some support operations for trucks and some hydrogen-fuel operations in the field.
Phoenix, located in Arizona, delivered its first vehicle in December 2021. In 2023, a series of fire incidents associated with his electric truck resulted in all his vehicles remembered and concerned.
Nicola increased the production of its hydrogen -powered trucks in 2024, but still losing thousands of dollars on each vehicle sold as the fleet operators were hesitant to invest in the adoption of electric trucks.
On Wednesday, the share fell by about 38% of the company’s assessment Million less than 50 million. About $ 27 billion in peak market capitalization in 2020, sharply plunged, while its value was higher than the Ford Motor.
“The struggles they have faced, plus rising competition, operational challenges and cost for the entire EV industry have come together,” said Sarah Fose, head of credit and restructuring analysis firm league. Said Sarah Fose, the legal head of the credit and restructuring analysis Pay FIRM. Debt.
Struggling money
The company, which has said its coolage, Arizona, manufacturing facility can produce about 2,400 trucks in three shifts per year, with Million 500 million and $ 1 billion listed. It is estimated that its responsibilities are between $ 1 billion and $ 10 billion as per the filing in the US bankruptcy court for the Delaware District.
Nicola’s cash and cash equivalent dropped rapidly to $ 198.3 million, compared to $ 464.7 million in late 2023. On Wednesday, the company said it was entering the proceedings of Chapter 11 with $ 47 million cash.
The stock has often fallen below $ 1-mark, and the company resorted to a reverse stock split last year to comply with the rules of Nasdaq’s list.
Shortly after the company was announced by a merger with an empty company in 2020, it hit a scandalous report by Short-Seller Hindanburg, which was dispersed earlier this year. Nicola denied the allegations.
Founder and then CEO Trevor Milton was convicted of fraud in 2022 and sentenced to four years in prison the following year.
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