Nikola goes bankrupt, to sell assets in latest EV market turmoil
Nikola said on Wednesday it had filed for Chapter 11 bankruptcy protection and would pursue a sale of its assets, the latest electric-vehicle maker to stumble after grappling with tepid demand, rapid cash burn and funding challenges.
Both failed companies Nikola and Humane faced the unique set of challenges that come with being first to market.
Nikola, a Phoenix, Arizona-headquartered EV maker, filed for Chapter 11 bankruptcy due to monetary concerns and being a part of a struggling market.
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