Nikola is supposedly looking for buyers. This may be the only way to save the business
The Arizona-based truck manufacturer is running out of money. It's not easy to make money and return on the huge investments made to start production in Phoenix in the current, challenging hydrogen market in the U.S.
At the end of 2024, we wrote that Nikola had the money to survive no longer than one quarter in 2025. In other words, the Arizona-based truck manufacturer is running out of money. It’s not easy to make money and return on the huge investments made to start production in Phoenix in the current, challenging hydrogen market in the U.S.
In fact, hydrogen refueling infrastructure is still far behind from being competitive, as well as the price of those trucks. So, according to media reports (Bloomberg, quoted by Electrive), Nikola managers are trying to sell the company, or rather part of the company, to make it breathe. Possible new buyers may be willing to invest fresh money, thus avoiding further workforce cuts (Nikola was forced to sack about 15% of the overall workforce at the end of 2024).
Nikola is focusing on the hydrogen business
Talking about figures, in the first three quarters of the past year, Nikola managed to sell something like 200 fuel cell trucks. Not enough, apparently, to make the company a healthy one. In addition, Nikola is still struggling with the legal aftermath following the fraud committed by former CEO Trevor Milton. About this, Nikola President and CEO, Stephen Girsky, still leading the company, is on the verge of leaving it, according to some media reports, which haven’t been confirmed yet.
