FEBRUARY 20, 2025 — BOOM! NIKOLA GOES BUST
Nikola has officially filed for Chapter 11 bankruptcy protection, reflecting the company's current financial challenges. The company will continue limited operations while it pursues a sale of its assets under Court direction.
According to CEO Steve Girsky, "Like other companies in the electric vehicle industry, we have faced various market and macroeconomic factors that have impacted our ability to operate. Unfortunately, our very best efforts have not been enough to overcome these significant challenges.
“Nikola, together with its financial and legal advisors, engaged in an extensive analysis of all available and credible alternatives to identify a solution that would allow the business to sustain operations. Following months of actively pursuing these alternatives, the Company determined that a structured sale process represents the best possible solution to maximize the value of its assets. Nikola intends to market and sell all, substantially all, or a portion of its assets and effectuate an orderly wind down of its businesses.”
OCTOBER 14, 2024 — 135 EMPLOYEES GONE
The financially challenged company has laid off 135 employees, approximately 15% of its workforce, as it struggles to preserve cash and raise additional funding.
CEO Steve Girsky noted, “Nikola is a pioneer in the zero-emissions trucking and hydrogen infrastructure solution arenas, and to ensure long-term viability and maintain our first-mover advantage, we must scale our business appropriately for the future. To extend our runway, we are adjusting and rescaling our staffing needs. This is a difficult but necessary decision, and we thank those team members who helped build Nikola and wish them the best moving forward.
JUNE 29, 2023 — Original post…
Phoenix, Arizona-based Nikola Corporation, a designer and manufacturer of heavy-duty commercial battery-electric vehicles, fuel-cell electric vehicles, and energy solutions, has announced a cost-cutting initiative featuring a 23% workforce reduction and further restricting its electric truck efforts to North America.
The reduction in force will impact 270 employees, including 150 employees supporting the company’s European programs and 120 employees located in Arizona and California plants.
CEO Michael Lohscheller noted, “We are proactively managing costs and reducing expenses. We are streamlining operations, including our organizational structure, to efficiently execute our objectives.”
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?