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The electric vehicle maker Nikola has filed for Chapter 11 bankruptcy protection, it said Wednesday. Executives said in October the EV maker had enough cash to operate only until 2025's first quarter.
Legal questions now loom after electric truck entrepreneur, Trevor Milton, stepped down Monday as executive chairman and board member of his newly public company Nikola.
Nikola said in the filing that it plans to file with the arbitration panel an application to recover attorneys' fees related to the matter. Shares of the Phoenix-based company soared more than 19% ...
Trevor Robert Milton (born April 6, 1982) is an American entrepreneur and convicted felon, founder and former executive chairman of Nikola Corporation, a company focused on developing hydrogen and electric-powered commercial vehicles.
Nikola Corporation (formerly known as Nikola Motor Company) is an American manufacturer of heavy-duty commercial battery-electric vehicles, fuel-cell electric vehicles, and energy solutions. [2] It presented several concept vehicles from 2016 to 2020, the first of which was a natural gas fueled turbine-electric semi truck . [ 3 ]
On April 19, 2017, Tesla owners filed a class-action lawsuit due to Tesla exaggerating the capabilities of its Autopilot 2 to consumers. [103] The lawsuit claimed that "buyers of the affected vehicles have become beta testers of half-baked software that renders Tesla vehicles dangerous if engaged". [ 104 ]
Milton, 41, founded Nikola in 2014 and stepped down as CEO in September 2020 — about three months after the company went public. Prosecutors said Nikola’s retail investors lost more than $660 ...
The story has been subject to debate due to the lack of physical evidence to confirm both the existence of the car and the fact that Tesla did not have a nephew named Peter Savo. Tesla's grand-nephew, William Terbo, has also dismissed the Tesla electric car story as a fabrication. [citation needed]