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Nikola went from $30bn EV hope to bankrupt penny stock in just five years – what went wrong?
Nikola Motors, once valued at over $30 billion, filed for bankruptcy after five years due to mismanagement and failing to meet production targets. The company, which aimed to deliver thousands of hydrogen and battery-powered trucks, only produced 400 vehicles last year. Market challenges and macroeconomic factors contributed to their downfall, with debts exceeding $350 million and cash reserves at $47 million. The company is now selling assets to preserve value for creditors before ceasing operations.
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