Nikola

Nikola Motor Company founded by Trevor Milton in Salt Lake City to build hydrogen fuel-cell long-haul Class 8 tractors: name reused from a defunct EV startup; pre-orders begin in 2016 with no working production prototype

Nikola One hydrogen fuel-cell Class 8 sleeper concept unveiled in Salt Lake City: claimed 800-1,200 mi range and $5K/mo lease bundling fuel: concept truck later proven non-functional during 2018 promotional video

Nikola Tre BEV/FCEV cabover unveiled at Nikola World in Phoenix; built on Iveco S-Way platform via JV with CNH Industrial: Tre intended to be Nikola's first volume European product, with US assembly to follow at planned Coolidge AZ plant

Nikola goes public on Nasdaq via VectoIQ SPAC merger; ticker NKLA opens at $35, closes mid-June at $79. Market cap briefly tops $34B, exceeding Ford, despite zero revenue and no production trucks

Hindenburg Research short report 'Nikola: How to Parlay An Ocean of Lies Into a Partnership With the Largest Auto OEM in America' alleges fraud: covers the rolling-downhill Nikola One promo video; founder Trevor Milton resigns days later

Coolidge AZ assembly plant Phase 1 completed: 2,500 units/yr nameplate capacity for Tre BEV; first Tre BEV trucks come off the line in Q3, but at single-digit weekly cadence

Nikola Tre BEV start of serial production at Coolidge AZ; first commercial deliveries to Total Transportation Services in Southern California for drayage: Nikola's first revenue-generating truck

Trevor Milton convicted on three counts of securities and wire fraud (sentenced to 4 years prison Dec 2023). Verdict caps the seminal EV-SPAC fraud case and labels much of pre-2020 Nikola marketing material as deception

Tre BEV recall (~209 units) and production halt after Coolidge AZ battery-pack thermal-event fires; root-caused to coolant leak. Nikola's BEV revenue freezes for ~6 months while it pivots focus to FCEV

First Nikola Tre FCEV hydrogen trucks delivered to fleet customers (Anheuser-Busch, Total Transportation Services, Walmart) in Southern California. Nikola pivots commercial focus from BEV (recalled) to FCEV via HYLA hydrogen network

1-for-30 reverse stock split executed to maintain Nasdaq minimum bid price: reverse split common signal of approaching distress; share price trading sub-$10 post-split through summer 2024

Nikola HYLA modular hydrogen station rollout reaches 14 sites in California; cumulative Tre FCEV deliveries pass ~200 units, but burn rate of $130M/quarter outpaces FCEV revenue scale

Cumulative wholesale deliveries reach ~600 Tre BEV + ~200 Tre FCEV; cash position drops below $200M. Nikola signals 'going concern' uncertainty in 10-Q

Nikola files Chapter 11 bankruptcy in Delaware; plans to wind down operations and sell HYLA + Tre assets: 4.5 years after going public at $34B peak market cap; equity wiped out

Lucid Motors wins bid for Coolidge AZ plant equipment (~$30M); Nikola Tre BEV/FCEV production line decommissioned and HYLA hydrogen network split-sold: formal end of Nikola as a going concern