Nikola files for Chapter 11, goes bankrupt.

[gfh77665]

Nikola goes bankrupt. I don't know much about their buisness model, but everything I hear is that long range EV trucking has light years to go before it could possible be feasable. That, and accusations were levied at former CEO Trever Milton. Milton shared a video of a Nikola truck rolling down a hill with investors, telling them the vehicle was driving and “fully operational.” when it was not. In December 2023, Milton got four years in prison for fraud.

https://www.foxbusiness.com/markets/ev-maker-nikola-files-chapter-11-bankruptcy-protection

 

[alarmguy]

What amazes me is the amount of money these big companies spent seemingly because of failed marketing research. It's the only thing I can think of. Almost all of them seemed to get caught up in Electric Vehicle hysteria presented by the media and with help, subsidies from taxpayers.
I just dont get it. EVs are here to stay, however they are not a one for all solution to everything that moves in their present form how can that be any more obvious? Fossil fuels are a complete solution to everything that has wheels. EVs are more special purpose, so only the most wealthy of all companies are going to invest in EV semi - tractor trailer and I suspect even that is falling by the wayside.
Until cost = return on investment battery operated vehicles will never be able to replace gasoline.

 

[JavierH19]

Took way too long.

 

[andrew_j]

If Amazon sticks to them EV trucks and vans are viable.

 

[gfh77665]

Amazon can plug their loccal route vans back in overnight, presumably. Long haul truckers cannot stop every 200 miles for a 3 hour recharge at non existant "big rig ready" charging stations.

 

[cptbarkey]

Walmart delivers in a whirring EV van daily in my area. As with most anything EV, I still cant see the ROI until its EOL except for 2nd gen Prius Hybrids. Their vans start at 76k.

 

[gfh77665]

Local deliveries, local post office use, etc. any place that ends for the day and can stop for an overnight charge. These are where EV's can be effective. EV's should never, ever be mandated.

 

[cptbarkey]

These are where EV's can be effective.

Where is the ROI again? Nikola and its customers couldnt find it.

 

[jsean]

I think Nikola had several things against them and honestly, I’m surprised they lasted this long. Trevor Milton’s conviction should’ve been enough warning that things were headed south fast. Funny thing, they hired a bunch of folks and bumped them up 2-3 levels into more leadership roles. IMO, leadership (excluding what the title states) comes with experience which comes with time. Can only short circuit it somewhat.
Then they had the hydrogen electric concept - which hampered them more than a traditional diesel electric/hybrid concept would’ve. I don’t know what hydrogen infrastructure they were banking on.
Finally, I was reading the trucks were selling for about $380-400k but costing them about a million a pop to manufacture. To overcome that, the factor of upscaling would’ve been significant just to break even.

But sometimes shiny objects are what investors chase and reality brings things crashing down. The hydrogen electric powertrain is a neat concept but I wish the company and investors alike had looked at Toyota’s challenges with the Mirai.

 

[DirectRejection]

Depends, I asked my longtime mail carrier how many miles a day he puts on his mail truck. His answer was 10. I was very surprised by this, and now think in this particular instance, an EV would be perfect.

Ten miles per day ?
Imagine the "savings" !!

 

[Owen Lucas]

Edison Motors has the right approach here. Bootstrap yourself, don't over promise, and don't over hype.

 

[Sedin26]

Ten miles per day ?
Imagine the "savings" !!

I imagine they could be significant over the course of the vehicle lifetime.

 

[JeffKeryk]

I figured our 2018 Model 3 could easily become a Zombie EV. That’s the risk of being an early adopter. Shoulda bought stock!!!!