The company, which once enjoyed a surging stock price, struggled to turn its plans for electric and hydrogen trucks into a viable business.

Once a rising star on Wall Street, the formerly hot startup became enmeshed in scandal and its founder convicted in 2022.

Electric vehicle startup Nikola filed for Chapter 11 bankruptcy on Wednesday and plans to move forward with an auction of its assets, pending court approval.

Nikola Corp.’s plan to sell its business in bankruptcy is complicated by the federal government’s expected retreat from policies and incentives that were meant to boost electric-vehicle sales.

Nikola said Wednesday it had filed for Chapter 11 bankruptcy protection and would pursue a sale of all or most of its assets, after grappling with rapid cash burn and struggling to raise funds in the past few quarters.

Nikola said on Wednesday it had filed for Chapter 11 bankruptcy protection and would pursue a sale of its assets, the latest electric-vehicle maker to stumble after grappling with tepid demand, rapid cash burn and funding challenges.

Arizona-based electric vehicle maker Nikola filed for Chapter 11 bankruptcy protection following financial struggles and difficulty finding investors. Nikola filed for bankruptcy in the United States Bankruptcy Court for the District of Delaware on Wednesday.

Hydrogen electric trucking startup Nikola Corp. filed for Chapter 11 bankruptcy protection Wednesday after it failed to find a buyer or secure additional

Nikola, an EV startup once valued higher than Ford, has filed for Chapter 11 bankruptcy. In the wake of a high-profile scandal and a recall that rocked the company to its core, Nikola says it only has about $47 million in cash on hand.

Nikola Corp. plans to lay off 855 workers between its Phoenix headquarters and Coolidge manufacturing facility as the electric truck maker moves forward with its Chapter 11 bankruptcy.