Transportation

Nikola Goes Bankrupt, Capping Troubled EV Maker’s Long Slide

Manufacturer of electric big rigs explores sale of assets
Founder Milton got fraud conviction for misleading investors

Nikola Files for Bankruptcy, Plans to Liquidate Assets

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By Kara Carlson, Dorothy Ma, and David Welch

February 19, 2025 at 12:27 PM UTC

Updated on

February 19, 2025 at 10:01 PM UTC

This article is for subscribers only.

Nikola Corp. filed for bankruptcy, culminating a long decline for the onetime darling of the electric-vehicle industry, which grappled with weak sales and cycled through CEOs in the wake of a fraud scandal.

The company is exploring a sale of its assets after entering Chapter 11 in Delaware on Wednesday. In court documents, it listed total funded debt and lease obligations of $98 million.