A week after renewing confidence in embattled Nikola Corp. and indicating its deal to manufacture the startup’s electric pickup truck was on track, General Motors has dropped its supportive language.
Holders of stock in a shell corporation voted Monday to merge with electric driveline maker Hyliion Corp., pledging $560 million to fund the startup’s business plan to make heavy-duty trucks cleaner and quieter.
Startup hybrid truck drivetrain maker Hyliion expects to complete its short trip to public trading on Monday when Tortoise Acquisition shareholders count votes on a reverse merger under which Hyliion would trade on the NYSE and get $560 million to fund its business plan.
Canadian EV manufacturer Lion Electric plans to deliver its first battery-powered electric trucks in October as orders from Amazon and CN generate buzz.
Nikola Corp.’s hunt for a partner to build hydrogen fueling stations for its electric trucks stalled because of a short seller report attacking founder Trevor Milton on the startup’s technology claims, the Wall Street Journal reported.
Nikola’s chief financial officer tried to clear a cloud of confusion over the startup electric truck maker, dissecting who does what on the Nikola Tre that goes into production in Europe in 2021.
South Korea’s Hyundai will test heavy-duty fuel cell trucks in the U.S. in 2021 as Nikola resets following its founder’s departure.
The fallout at Nikola could place additional scrutiny on new public offerings and nontraditional special purpose acquisition companies.
VCs talk SPACs and clean tech investment in wake of Nikola scandal.
Shares of electric truck maker Nikola Corp. sag 20% on the announcement its founder and executive chairman was stepping down, following the fallout from a short seller report questioning the company’s technology claims.
Nikola founder Trevor Milton’s departure from the company “was not a termination,” the company said in a federal securities filing. And while Milton remains a billionaire on paper, he gives up a lot in leaving the startup electric truck maker.
Nikola founder Trevor Milton is out as executive chairman of the electric truck startup, the latest fallout from a brutal report by a short seller accusing him of lying about the company’s technology.
Electric trucks from PACCAR siblings can get California rebates when the fund is replenished; Daimler shows future battery and fuel cell trucks; and FMCSA grants Bosch a video mirror waiver.
Nikola’s 700-station hydrogen fueling network will use solar, nuclear or whatever clean energy is cheapest. Some locations will require truck delivery because electricity costs too much to make hydrogen on-site.
After testing its battery-powered LR Electric refuse truck in New York City and with Republic Services, Mack Trucks will take orders in Q4 for deliveries in 2021. Republic, however, committed in August to startup Nikola for 2,500 cabover Tre models beginning in 2022.
Short seller Hindenburg Research renewed its attack on Nikola after successfully beating down its shares. Nikola clams up as to whether the SEC is investigating.
After delaying a rebuttal to short seller Hindenburg Research’s screed on the electric truck startup’s integrity, Nikola publishes detailed responses to 15 of the accusations Monday, calming jittery investors.
Hindenburg Research, which makes money betting against companies with high stock prices, issued a blistering takedown of Nikola, alleging massive fraud by founder Trevor Milton. Nikola says the report is trying to manipulate its stock.
After creating about 50 millionaires on paper a couple of weeks earlier, Nikola founder Trevor Milton gives another million shares of his personal holdings to 350 employees.
Former General Motors Vice Chairman Steve Girsky, who led startup truck maker Nikola to its public debut in June, earlier suggested to GM that its battery and fuel cell technology could create value for both companies.
