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Why an electric-truck maker once worth more than Ford just went bust
Nikola rode a wave of optimism about EV startups, but after years of scandals and financial troubles, it filed for bankruptcy protection.
In 2020, the short-seller Hindenburg Research revealed a substantial short position in Nikola and published a scathing 15,000-word report saying it believed the EV maker was "an intricate fraud built on dozens of lies." "The transition EVs has been slower than all manufacturers anticipated, and when it comes to commercial vehicles, that's a really tough segment to break into," Sam Fiorani, an industry analyst at AutoForecast Solutions, told Business Insider. Fiorani said heavy-duty trucks and semis of the kind Nikola was building have specific needs, including quick refueling and long ranges, making them a difficult product to bring to market.
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