Electric-hydrogen truck startup Nikola is an ‘intricate fraud,’ report proclaims – CNET


Nikola Two

Chairman and founder Trevor Milton has some explaining to do.

Nikola

Nikola isn’t a new name in the automotive field. For years now, the startup promised to change the world with fuel cell- and electric-powered semi trucks, and in recent months, investors bought in as the search for the next Tesla heats up. After years of it hyping proprietary technology such as “game-changing” battery tech, cheap hydrogen fuel and more, a new report alleges that the company never had much at all.

Instead, the startup apparently used smoke-and-mirror tactics to land big-name partners from Bosch to General Motors. A bombshell Thursday report from forensic financial research firm Hindenburg Research compiled evidence that shows, at a minimum, Nikola and its founder Trevor Milton haven’t been entirely forthcoming about its trucks or its powertrain systems. One thing to note before we detail the findings: Hindenburg disclosed that it’s a Nikola short-seller, meaning it may profit if Nikola stock performs poorly. (On its website, Hindenburg notes that its work has prompted executive resignations and investigations
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