About the Company

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. It presented several vehicle concept vehicles from 2016 to 2020, the first of which was a natural gas fueled turbine-electric semi truck. The company went public on June 4, 2020. In February 2022, the company projected deliveries of between 300 and 500 of its first battery-electric semitrucks — known as the Nikola Tre — to customers. The company delivered its first two battery-electric trucks in December 2021. Like Tesla, Inc., the company is named in honor of Nikola Tesla, but these are not related to the inventor. Nikola Corporation is based in Phoenix, Arizona. In September 2020, the Securities and Exchange Commission and the Department of Justice launched investigations into securities fraud allegations. In July 2021, a United States federal grand jury indicted Nikola founder and former CEO Trevor Milton, but did not indict the company. The indictment charged Milton with three counts of criminal fraud—for "lying about 'nearly all aspects of the business'"—and two counts of securities fraud. Publicly traded shares in Nikola dropped to around US$12 after falling from over $65 in mid-2020, when its market valuation had exceeded that of the Ford Motor Company. In October 2022, Milton was found guilty in federal court of three of four counts of fraud against him, over statements he made while CEO of the company.

Sector

Manufacturing

Industry

Motor Vehicles & Passenger Car Bodies

Employees

1175

Exchange

Nasdaq