Nikola Files for Bankruptcy as Electric Truck Market Struggles

USUnited States|

Nikola Corporation, a U.S. electric truck manufacturer once valued at over $30 billion, has filed for bankruptcy protection in Delaware amid significant financial woes and a downturn in the electric vehicle industry. According to the company's filings, Nikola reported more than $1 billion in liabilities and approximately $47 million in available cash.

Founded by Trevor Milton in 2014, Nikola aimed to revolutionize the transportation sector with hydrogen and battery-powered trucks. However, the company faced severe scrutiny in 2020 following accusations of fraud, leading to Milton’s resignation and subsequent conviction for defrauding investors. He was sentenced to four years in prison and fined $1 million.

Steve Girsky, CEO of Nikola, attributed the bankruptcy to various market and macroeconomic challenges, stating that efforts to raise capital and reduce liability were insufficient to sustain operations. Although the company has sold hundreds of hydrogen-powered trucks since Milton's departure, its financial results revealed a staggering loss of $481 million in the nine months leading to September 2024.

Weekly Newsletter

Loading...

More from United States

First Detection of Carbon Dioxide on Exoplanets Revealed by James Webb Space Telescope

Scientists have made a groundbreaking discovery by detecting carbon dioxide (CO2) on four exoplanets located in the HR 8799 system, approximately 130 light-years from Earth. This finding, reported in The Astronomical Journal, suggests that these giant planets likely formed similarly to Jupiter and Saturn, through a core accretion process. William Balmer, an astrophysicist at Johns Hopkins University, emphasized the significance of identifying heavier elements in the atmospheres of these planets, which provides insights into their formation. The HR 8799 system is relatively young, at 30 million years, and emits significant infrared light, allowing researchers to analyze its characteristics and compare them to our solar system. Balmer stated that understanding these exoplanets could illuminate the habits of Earth-like planets in the future. The James Webb Space Telescope played a crucial role in this discovery, using its coronagraphs to block starlight and directly measure the atmospheric composition of these distant worlds. Future observations are planned to explore the commonality of such formations among other long-period exoplanets.
USUnited States

Racial Disparities in Child Mortality Persist in the U.S., New Study Reveals

A recent report published in the journal *Annals of Internal Medicine* reveals a troubling trend regarding child mortality rates in the United States. The study, which analyzed mortality data from the Centers for Disease Control and Prevention (CDC), finds that Black infants and children have died at twice the rate of their White peers since 1950, resulting in over 5 million preventable deaths. Researchers evaluated data from death certificates spanning from 1960 to 2019, along with earlier records dating back to 1950, identifying that while overall life expectancy among Black and White Americans has improved, the relative mortality rates among Black children have worsened. In the 1950s, the mortality rate for Black infants was approximately 5,181 deaths per 100,000, compared to 2,703 for White infants. By the 2010s, these figures stood at 1,073 for Black infants versus 499 for White infants, highlighting a persistent disparity. Experts attribute these disparities to systemic issues, including limited access to healthcare and economic inequalities, suggesting a vital need for policy changes to address these ongoing health crises, according to the Eurasia Review.
USUnited States

Trump Administration Faces Security Breach Over Yemen War Plans

Senior members of the Trump administration have inadvertently exposed sensitive military discussions regarding operations against the Houthi armed group in Yemen by including a journalist in a secret chat. The incident occurred on the encrypted messaging app Signal, which is not authorized for sharing classified information. Key figures involved included Vice President JD Vance and Defense Secretary Peter Hegseth, among others, according to an article by Jeffrey Goldberg published in The Atlantic. The breach was confirmed by Brian Hughes, a spokesperson for the National Security Council, who acknowledged that the chat appeared authentic and would be reviewed. Concerns regarding the efficiency of operational security have escalated, especially given the involvement of a high-profile journalist like Goldberg, who noted that the content discussed matched with real military actions. Democratic Representative Pat Ryan expressed outrage, calling for immediate hearings to address the breach described as “FUBAR” (fouled up beyond all recognition). Military and intelligence experts have labeled the breach unprecedented, highlighting the risks posed to national security by such disclosures.
USUnited States