11 September 2023
By VICTOR TANGERMANN

ANOTHER BRAND OF ELECTRIC TRUCKS KEEPS CATCHING ON FIRE
ITS STOCK IS IN FREEFALL.

Truck Fire

The stunt led to several fraud charges, with Milton stepping down weeks later. In October 2022, a federal court found him guilty of three of four counts of fraud.

Semi-Retired
Despite the major headwind, Nikola started producing its Tre electric semi trucks in 2021 under new leadership. By August 2022, the company had managed to deliver 48 vehicles to dealers.

So what about its hydrogen-powered trucks? Interestingly, the fuel cell variant was not affected by the August recall. Last month, the company announced it had 202 orders for the fuel cell variant, indicating there is at least some appetite for a much faster-recharging truck that has an advertised range of up to 500 miles.

But where the latest four electric truck fires leave the company in 2023 remains to be seen.

By all indications, the last three years have been a serious wake-up call for the once-hyped hydrogen truck startup. At below $1 a share today, the company has wiped out a tremendous amount of value.

Just over three years ago, its market valuation ballooned to $31 billion, sending it soaring past car giants Ford and Fiat Chrysler — but now its market capitalization is languishing under a billion dollars.