Concept art for a Nikola Tre truck (Nikola)
Defiant Nikola vows to bounce back
The founding CEO quit the hydrogen fuel cell truck maker amid claims of fraud, but development work continues and it claims its first vehicles will roll off the production line in Q4
Nikola Corp briefly became an investor darling last year. Founder and now-departed CEO Trevor Milton had boasted of developing hydrogen-powered trucks and world-leading lithium batteries—but revelations questioning these claims led to his abrupt exit. The company is left battling to convince shareholders and customers that it can make good on its promises, as it tells Hydrogen Economist about its revised plans. Last summer the company was ascendant; its shares peaked at $93.99 in June, giving it a market valuation greater than US auto industry giants Ford and Fiat Chrysler despite the Arizona company producing zero revenue. Meanwhile, General Motors (GM) announced on 8 September that it had
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