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- Introduction.
The class develops the bankruptcy of electric truck manufacturer Nikola.
- The bankruptcy of Nikola Corporation.
From 874 employees to 1 and debts of 251 million euros: this is the story of this bankrupt manufacturer with potential.
This American company once promised a revolution in transportation, but bankruptcy has forced it to liquidate its assets and it may end up disappearing.
The story of Nikola Corporation, one of the most controversial start-ups in the sustainable transport sector, is nearing its final chapter. After filing for bankruptcy in February 2025, the company has reduced its workforce to a single full-time employee, according to documents filed with the US Bankruptcy Court for the District of Delaware.
According to the court report dated December 22, 2025, Nikola recorded no sales or revenue during the month of November and accumulated losses of nearly €1.4 million during that period. The only employee remaining with the company is Thomas Pitta, the administrator in charge of liquidating assets following the bankruptcy.
- More than 472 million euros lost since bankruptcy.
These figures reflect the magnitude of the collapse. Since the company entered bankruptcy proceedings in February, accumulated losses exceed 472 million euros. The balance sheet shows a situation of deep insolvency, with negative net equity of almost 146 million euros.
Currently, the company reports assets worth around 105 million euros, compared to total debts of approximately 251 million euros. Most of these obligations, around 231 million euros, correspond to unsecured debt generated before the bankruptcy declaration.
- Accelerated sale of assets.
To obtain liquidity, Nikola has sold most of the assets it still held. According to various reports, these transactions have generated around 33 million euros. Among the most significant transactions are the sale of environmental credits to Mack Trucks, the transfer of assets to Hyroad Energy, and the sale of other units to companies such as Wabash Valley Resources.
There is also a transaction authorized in April 2025 with Lucid, thanks to which Nikola was able to divest certain strategic assets. However, these sales have done little to alleviate a virtually unsustainable financial situation.
- The pending litigation against Trevor Milton.
One of the latest fronts is an arbitration award of approximately 85 euros million that Nikola is pursuing against its founder and former CEO, Trevor Milton. The businessman, a key figure in the company's rise and fall, was recently pardoned, significantly reducing Nikola's chances of collecting that amount.
Milton was involved in several scandals related to allegations of fraud and exaggeration of the company's technological capabilities, factors that ultimately eroded Nikola's credibility with investors, customers, and authorities.
- A failure that does not slow down electric transportation.
Despite Nikola's demise, the impact on the zero-emission heavy-duty transport sector appears limited. Other manufacturers, such as Volvo Trucks, Renault Trucks, Tesla, and specialized companies such as Motiv, continue to deploy electric fleets that have already accumulated millions of kilometers in real-world operations.
In addition, the expansion of fast-charging infrastructure for electric trucks in the United States and other markets is reinforcing the transition to zero-emission freight transport. The Nikola case thus stands as an example of broken promises, without slowing the progress of an industry that continues to gain momentum.
- Thank you for your time.
The class has developed the bankruptcy of electric truck manufacturer Nikola, see you soon.
