Nikola files for Chapter 11 bankruptcy
By Bradley Osborne - 20th February 2025
USA – Nikola Corporation, manufacturer of the ‘Tre’ series of heavy-duty battery and fuel cell electric trucks based in Phoenix, Arizona, has voluntarily filed for protection under Chapter 11 of the United States Bankruptcy Code, following heavy financial losses sustained over the past several years.1
As it stands, the manufacturer currently holds USD47m in cash on hand, which it says it will use primarily to continue limited service and support operations for its customers. Together with its financial and legal advisors, Nikola assessed “available and credible alternatives” that would allow it to keep the business going, but it has now concluded that a “structured sale process” of its assets would be the best way to return money to its stakeholders.
