Publicly traded shares in Nikola dropped to around US$12[12] after falling from over $65 in mid-2020, when its market valuation had exceeded that of the Ford Motor Company.
[13] In October 2022, Milton was found guilty in federal court of three of four counts of fraud against him, over statements he made while CEO of the company.
[16] In March 2019, Nikola acquired a 389-acre parcel of land in Coolidge, Arizona, for $23 million, with future state and local tax breaks.
By June 9, the shares had more than doubled since they began trading, as investors continued to bet on the growth potential of electric transportation.
At the end of June, Nikola started taking reservations for pickup truck, the Badger, even though a prototype had not been shown to the public.
[28] The company was valued at around $13 billion in early August 2020, compared to its revenue in the first six months of 2020 of $80,000 ($36,000 of which was attributed to installation of solar facilities for CEO Milton).
In return, GM agreed to use its manufacturing facilities to begin production of the Badger, as well as supply fuel cells and batteries to Nikola globally.
[31] On September 10, 2020, short seller firm Hindenburg Research released a report[32] accusing Nikola of being "an intricate fraud" perpetrated largely by Milton.
Further verification by Financial Times and Research Enquirer[33] confirmed the report's claim regarding a showcased Nikola One rolling down a gradual slope with no onboard propulsion and instead by using the force of gravity.
[38] Previously, Milton had alleged that those who were short-selling Nikola stocks are fans of rival company Tesla and are "anti-Nikola or paid attack accounts".
[39] In response to the release of the Hindenburg report, Mary Barra, CEO of GM, said her company conducted appropriate diligence before its deal with Nikola.
[47] The partnership was cited as a critical component in Nikola's business plan for its electric vehicle trucks powered by hydrogen fuel cells.
[48][49] In November 2020, GM announced that the proposed deal to take an equity stake in Nikola would no longer occur.
Analysts call the cancelled order a short-term setback, allowing the company to channel more focus towards the core of the business, being the production of semi-trucks designed for long-haul transport.
[54] Also in February, as part of YE2020 filings with the SEC, the company stated that they now intended to produce just 50-100 Nikola Tre vehicles in 4Q2021.
[55] In July 2021, the company announced plans to add five new Class 8 truck dealers in Arizona, Texas, Colorado, California, New Mexico, Delaware, Florida, Maryland and Virginia.
"[12] In October 2022, Milton was found guilty in federal court of three of four counts of fraud against him, over statements he made while CEO of the company.
[63] In September 2022, all 93 of its Tre Class 8 battery-electric vehicles were recalled due to an issue with seat belt anchor assemblies.
"[65] In June 2023, a Nikola truck caught fire at its headquarters due to a coolant leak inside its battery pack.
In August 2023, a second truck's battery pack malfunctioned, which led the company to announce a recall of all the battery-electric semitrucks it had made to that point (209 in total).
In 2016, the company unveiled a high-level design for a natural gas fuelled Class 8 truck called the Nikola One, aimed then to be in production in 2020.
Unlike the Nikola One, a prototype driving under its own power was demonstrated in 2019,[23][78] including when hauling a cargo of beer for a future customer.
In November 2018, the company unveiled a Nikola Tre hydrogen-powered semi-truck concept aimed at the European market.
[90][91][92] The concept was stated to have 555 horsepower (414 kW) total, provided by a motor at each wheel, weigh 3,500 lb (1,600 kg), and use the same 14.5 in (370 mm) clearance suspension as the Ford Raptor.
[23] On April 16, 2019, Nikola presented an NZT in Phoenix, Arizona, that appeared similar to the original one, except it had doors (but still lacked a roof and a windshield).