Nikola, a Phoenix-based manufacturer of zero-emissions trucks, announced it will pursue an auction and sale process for its assets as it grapples with ongoing financial difficulties. The post Nikola files for Chapter 11 bankruptcy protection appeared first on FreightWaves.

Nikola, a Phoenix, Arizona-headquartered EV maker, filed for Chapter 11 bankruptcy due to monetary concerns and being a part of a struggling market.

Nikola said Wednesday it had filed for Chapter 11 bankruptcy protection and would pursue a sale of all or most of its assets, after grappling with rapid cash burn and struggling to raise funds in the past few quarters.