Electric truck maker Nikola files for bankruptcy

Zero-emission truck maker Nikola has filed for bankruptcy after failing to scale its business.

The company was developing electric and hydrogen trucks, along with hydrogen fulling infrastructure.

It's the latest in a line of failed electric vehicle manufacturers. Arrival went bust in early 2024, and was followed by car brand Fisker. At the start of 2025, electric van brand Canoo ceased operations.

In 2022, Nikola was embroiled in a scandal, which resulted in its founder being jailed for fraud.

“With the dedication of our employees and support from our partners, Nikola has taken significant steps to move zero-emissions transportation forward, including bringing the first commercially available Class 8 hydrogen fuel cell electric trucks to market in North America and developing the HYLA hydrogen refuelling highway, connecting Northern California to Southern California,” said Steve Girsky, president and CEO of Nikola.

“Our customers have accumulated approximately 3.3 million fleet miles across both our FCEV and BEV truck platforms and our HYLA fuelling network has dispensed well over 330 metric tons of hydrogen.

"Like other companies in the electric vehicle industry, we have faced various market and macroeconomic factors that have impacted our ability to operate. In recent months, we have taken numerous actions to raise capital, reduce our liabilities, clean up our balance sheet and preserve cash to sustain our operations. Unfortunately, our very best efforts have not been enough to overcome these significant challenges, and the Board has determined that Chapter 11 represents the best possible path forward under the circumstances for the Company and its stakeholders.”

The Arizona-based company that was once valued at almost £24bn has confirmed it will now "wind down operations" and sell its intellectual property and remaining assets.

Nikola founder Trevor Milton was jailed in 2023 after it was revealed that he deliberately mislead investors about the company's technology. The prosecution was centred around a video of a driving truck that was actually a non-functioning model rolling down a hill.