By on October 1, 2020

Nikola Corp. has decided to reschedule the Nikola World conference that would have offered the public a look at its all-electric Badger pickup and an opportunity to see what else the company was cooking up. Under normal circumstances, we would all just fault COVID-19 and move on with our frustrating little lives. But the firm was recently accused of having misled investors on the true progress of its technology.

Those allegations were rebuffed by chairman and founder Trevor Milton… before he abruptly left the company and Nikola’s ludicrously high stock valuation pivoted in the wrong direction.

Interestingly, most of the blame seems to be staying with Milton. Nikola shares pitched up on Wednesday, despite the only major change being one more vacant office on the top floor. Meanwhile, CEO Mark Russell has been trying to get everyone stoked about Nikola World and all the amazing stuff that’s supposed to be there in December 2020. That included a view of the Badger pickup, which GM was supposed to build and the company has been taking preorders for since June.

(Read More…)

By on September 21, 2020

It’s been a wild ride for Nikola, from being highly valuedperhaps overvalued – by Wall Street, to partnering with GM, to being accused of fraud, to founder Trevor Milton voluntarily stepping down today.

Milton, who was hailed as the next Elon Musk not long ago, is stepping aside less than two weeks after Hindenburg Research, a short-selling firm, published a long article/blog post accusing Nikola of fraud. Milton and Nikola pushed back, saying the report contained inaccuracies, but Milton is resigning as executive chairman and giving up his spot on the board anyway.

The board has accepted his resignation.

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By on September 8, 2020

General Motors announced it will be taking an 11-percent stake in Nikola on Tuesday. It even said it would be actively helping the startup produce the hydrogen/battery-powered Badger pickup, sending the firm’s already-insane share price through the roof. Nikola shares were up 30 percent before the trading day even began, with the General seeing some positive changes in its own stock. Things only improved from there for both companies as news of the partnership continued to spread.

The deal is costing GM $2 billion and allots it one board member of its choosing in exchange for its manufacturing expertise.

(Read More…)

By on June 30, 2020

Early adopters willing to toss cash at an exciting idea have been the lifeblood of modern-day electric vehicles. Without investors believing in Tesla and cramming its sweet cheeks full of cash, it never would have gotten to a point where it could actually manufacture cars. The same is true for the thousands of people dropping deposits on vehicles that have yet to be produced, let alone tested by the community.

It’s time to do the same for American hybrid truck designer Nikola, true believers. The all-electric startup is now accepting deposits on its prospective pickup truck. Due to arrive in a few years, the unit currently has no prototype. Under normal circumstances, we’d continue ribbing the company via monthly updates until it dissolves like Faraday Future. But its ludicrous market valuation seems to indicate that the hype is very real, even if the same cannot be said about its products.  (Read More…)

Recent Comments

  • LectroByte: Yeah, not a fan of continental kits on much of anything. The original version looks a whole lot more...
  • texasjack: GM just got a pig in a poke. Heads should roll on this deal.
  • L: Anyone who has the ability to “appropriate funds” is going to be prone to misbehavior because the...
  • Matt Posky: I have a feeling you may be predicting the future.
  • sgeffe: Agreed. Somewhere there’s leaked pics of the dash rendering. It’s almost identical to the current Accord.

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