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Nicolas, the electric trucks company, said that it will be submitted for the bankruptcy of the bankruptcy of Chapter 11 on Wednesday and will sell its assets, and actually end a difficult journey that interspersed with a quick cash burning, allegations of fraud, and imprisonment of the first and founding CEO.
Nicolas said she would seek a sale and sale, pending the approval of the court. The company said that it has $ 47 million in hand to finance its bankruptcy procedures, implement the sale, and exit from Chapter 11. Nicolas included assets ranging between 500 million dollars and 1 billion dollars, and its obligations are estimated at one billion dollars and 10 billion dollars, Reuters, quoting the court file.
“Like other companies in the electric car industry, we faced many economic factors in the market and the macroeconomic economy that affected our ability to work,” Steve Jersaki, President and CEO of Nicolas, He said in a statement. “In recent months, we have taken many measures to raise capital, reduce our obligations, clean our public budget and maintain cash to maintain our operations. Unfortunately, our best efforts were not enough to overcome these important challenges, and the Board of Directors decided that Chapter 11 represents the best path It is possible to forward under the conditions of the company and the stakeholders.
“Like other companies in the electric car industry, we have faced many economics factors in the market and the macroeconomic economy that affected our ability to work.”
The deposit represents a fall from the Grace for the noisy company that was aimed at converting the pollutant pollutants industry into one based on zero emissions. Nicolas were founded in 2015, and the idea of great emissions using hydrogen fuel cell technology, and later said it would include electric trucks with batteries as well. The company recorded a big victory in 2020 when General Motors announced its plans that would help Nikola Engineer and manufacture electric and hydrogen fuel cells, including, including, including Pick Ab Padger truck. On the other hand, General Motors will Get 11 percent of the shares In startup.
But after less than a week, Hindenburg Research is short sales Publish a bomb report Nicolas accused fraud, including the video that displays the truck rolling down a hill to simulate driving. The report began a serial reaction that led to the release of the founder, Trevor Milton, as the chairman and executive director and his arrest in the end. Later, GM retracted the stock deal.
In addition to organizing the video, Milton was falsely accused of producing his hydrogen fuel at lower prices and obtaining “billions, billions and billions” of committed truck orders. He was sentenced to four years in prison.
Nicolas were published in 2020, and began charging her first trucks after less than a year. Production increased in 2024, but it was losing hundreds of thousands of dollars on every truck he sold. As of the third quarter of last year, the company produced only 600 vehicles, many of which were called due to defects, which cost the car manufacturers to millions of dollars.
Nicola was the latest prominent EV company that goes to the abdomen after it failed to meet high expectations. Other startups include EV that failed Lordsownand ProtraAnd Fisker. Tusimple, a self -driving truck company from China, Axis for Game Technology.