silvrsvt Posted September 13, 2020 Share Posted September 13, 2020 https://nypost.com/2020/09/11/shares-of-tesla-rival-nikola-crater-after-fraud-accusation/amp/ Didn’t they just sign a deal with GM too? Quote Link to comment Share on other sites More sharing options...
akirby Posted September 13, 2020 Share Posted September 13, 2020 Not sure I trust a short seller in this situation, but he says he has evidence so we’ll see. 1 Quote Link to comment Share on other sites More sharing options...
silvrsvt Posted September 17, 2020 Author Share Posted September 17, 2020 Justice Dept., SEC Probe Fraud at Nikola Quote Link to comment Share on other sites More sharing options...
bzcat Posted September 17, 2020 Share Posted September 17, 2020 (edited) On 9/13/2020 at 5:35 AM, silvrsvt said: https://nypost.com/2020/09/11/shares-of-tesla-rival-nikola-crater-after-fraud-accusation/amp/ Didn’t they just sign a deal with GM too? The deal was very one-sided in favor of GM which added fuel to the fire that Nikola has nothing to offer. Basically GM got several hundred million dollars from Nikola to finish developing the pickup truck that Nikola had claimed to be working prototype (when it wasn't) with GM's Ultium battery system and fuel cell technology, from which GM will retain full IP ownership, setup an assembly line owned by GM to produce the truck for Nikola at cost-plus basis, and also has exclusive supply contract with future Nikola products. Edited September 17, 2020 by bzcat Quote Link to comment Share on other sites More sharing options...
atomcat68 Posted September 18, 2020 Share Posted September 18, 2020 (edited) 8 hours ago, bzcat said: The deal was very one-sided in favor of GM which added fuel to the fire that Nikola has nothing to offer. Basically GM got several hundred million dollars from Nikola to finish developing the pickup truck that Nikola had claimed to be working prototype (when it wasn't) with GM's Ultium battery system and fuel cell technology, from which GM will retain full IP ownership, setup an assembly line owned by GM to produce the truck for Nikola at cost-plus basis, and also has exclusive supply contract with future Nikola products. It would be strange if Nikola ended up being another division of GM. Edited September 18, 2020 by atomcat68 Quote Link to comment Share on other sites More sharing options...
bzcat Posted September 21, 2020 Share Posted September 21, 2020 (edited) Trevor Milton resigned as CEO and Chariman and also gave up his board seat today. This fraud investigation is just getting started... https://www.cnn.com/2020/09/21/investing/nikola-trevor-milton/index.html Edited September 21, 2020 by bzcat Quote Link to comment Share on other sites More sharing options...
atomcat68 Posted September 22, 2020 Share Posted September 22, 2020 20 hours ago, bzcat said: Trevor Milton resigned as CEO and Chariman and also gave up his board seat today. This fraud investigation is just getting started... https://www.cnn.com/2020/09/21/investing/nikola-trevor-milton/index.html You beat me to it... Notice how a former GM exec is in charge now and they have the deal pending with GM. I feel more strongly that GM will come in for the rescue and create another "Saturn" out of this company. A GM brand that at first is advertised as "a new car company." Quote Link to comment Share on other sites More sharing options...
jcartwright99 Posted September 22, 2020 Share Posted September 22, 2020 More Vaporware getting exposed....meanwhile, misleading and stealing investor money. Quote Link to comment Share on other sites More sharing options...
twintornados Posted September 22, 2020 Share Posted September 22, 2020 On 9/17/2020 at 10:05 PM, atomcat68 said: It would be strange if Nikola ended up being another division of GM. If anything, they will be absorbed and their tech will end up in GM vehicles. Quote Link to comment Share on other sites More sharing options...
bzcat Posted September 22, 2020 Share Posted September 22, 2020 (edited) 26 minutes ago, twintornados said: If anything, they will be absorbed and their tech will end up in GM vehicles. That's the thing... there is no tech at least that is the basis of the allegation from the short seller and SEC is now looking into it. The GM deal also shed a lot of light on what is going on. It was very clear about the relationship between the two companies... GM is providing the fuel cell tech and battery system to Nikola, and will keep any IP that comes out of working with Nikola, in addition to building the vehicles for Nikola. In return, GM get a chunk of the company. Nikola brings to the deal nothing of substance other than its inflated valuation, and will rely on GM to design, engineer, and build its vehicles. Edited September 22, 2020 by bzcat Quote Link to comment Share on other sites More sharing options...
akirby Posted September 22, 2020 Share Posted September 22, 2020 2 hours ago, twintornados said: If anything, they will be absorbed and their tech will end up in GM vehicles. 1 Quote Link to comment Share on other sites More sharing options...
tbone Posted September 23, 2020 Share Posted September 23, 2020 This is turning into a bigger deal than I expected. Quote Link to comment Share on other sites More sharing options...
rmc523 Posted September 23, 2020 Share Posted September 23, 2020 4 hours ago, akirby said: I didn't know BORG returned to BOF haha! 1 Quote Link to comment Share on other sites More sharing options...
atomcat68 Posted September 24, 2020 Share Posted September 24, 2020 We knew that GM would probably provide the batteries from their supplier so maybe Nikola has the skateboard platform, or supplier contracts. But the best thing GM can acquire is the investor equity they have from the dolts that wrote blank checks and are praying someone can save the day. The only problem is the one saving the day is GM and that alone may make them shit their pants more than they are now. Quote Link to comment Share on other sites More sharing options...
rperez817 Posted July 29, 2021 Share Posted July 29, 2021 Former Nikola executive chairman Trevor Milton was indicted today on two counts of securities fraud and one count of wire fraud by a federal grand jury. Nikola founder Trevor Milton indicted in US for misleading investors | Reuters Quote Link to comment Share on other sites More sharing options...
LookingToBuyAFord Posted November 2, 2021 Share Posted November 2, 2021 What a loser - but people who missed the boat on Tesla wanted a second chance and saw it in this... Quote Link to comment Share on other sites More sharing options...
rperez817 Posted December 20, 2021 Share Posted December 20, 2021 Some good news from Nikola. On Friday, they delivered the first Tre BEV Class 8 trucks to a customer, TTSI. TTSI is a drayage company operating at the Port of Los Angeles and Port of Long Beach in California. Nikola Delivers First Nikola Tre Battery-Electric Trucks to Total Transportation Services Inc. (nikolamotor.com) Quote Link to comment Share on other sites More sharing options...
Harley Lover Posted December 20, 2021 Share Posted December 20, 2021 And here we've been told/assured that hydrogen is a dead end: TTSI has a letter of intent from Nikola for 100 trucks following a trial program of two Tre BEVs and two Tre FCEVs. Nikola hasn't said when TTSI will receive its Tre FCEV pilot trucks, but after the program ends, Nikola aims to deliver 30 Tre BEVs to the company in 2022 and 70 Tre FCEVs in 2023. Nikola and European partner Iveco also have a deal with the Hamburg Port Authority in Germany for the delivery of 25 Tre BEVs in 2022. https://www.caranddriver.com/news/a38569564/nikola-electric-semi-trucks-delivered/ Quote Link to comment Share on other sites More sharing options...
rperez817 Posted December 20, 2021 Share Posted December 20, 2021 (edited) 1 hour ago, Harley Lover said: And here we've been told/assured that hydrogen is a dead end: https://www.caranddriver.com/news/a38569564/nikola-electric-semi-trucks-delivered/ Yes sir Harley Lover, for passenger cars and light trucks, hydrogen fuel cells are fool cells and FCEV is a dead end as you indicated. For commercial and military applications, FCEV may be more viable but even there the chemistry and physics of producing hydrogen fuel don't compare well to BEV. The Nikola pilot at TTSI for Tre FCEV should provide good data on how viable it is for a real-world commercial vehicle usage scenario. Edited December 20, 2021 by rperez817 Quote Link to comment Share on other sites More sharing options...
bzcat Posted December 28, 2021 Share Posted December 28, 2021 (edited) On 12/20/2021 at 11:21 AM, Harley Lover said: And here we've been told/assured that hydrogen is a dead end: https://www.caranddriver.com/news/a38569564/nikola-electric-semi-trucks-delivered/ Note the use case... it is going to short haul truck operator based at the port of LA and Long Beach. Basically, it will take containers from the port to nearest distribution center where the containers are then transferred to long haul trucks. This is exactly the kind of situation that hydrogen makes sense: Close loop/predictable routes Operate mostly within port complex that has local ZEV mandate Industrial zone with access to hydrogen facilities (so no need to transport it long distances) Hydrogen is likely going to be the main power source for containerships when they are near shore and at port to meet local ZEV mandates (they most likely will continue to burn marine diesel out in the open sea). So all the major ports will have hydrogen infrastructure setup sooner or later. So logically, this is one of the only application for hydrogen trucks that makes sense. But also worth noting... the hydrogen truck doesn't exist yet. Nikola delivered only the BEV version. TTSI has a letter of intent from Nikola for 100 trucks following a trial program of two Tre BEVs and two Tre FCEVs. Nikola hasn't said when TTSI will receive its Tre FCEV pilot trucks Edited December 29, 2021 by bzcat 1 Quote Link to comment Share on other sites More sharing options...
bzcat Posted December 29, 2021 Share Posted December 29, 2021 (edited) On 12/20/2021 at 9:49 AM, rperez817 said: Some good news from Nikola. On Friday, they delivered the first Tre BEV Class 8 trucks to a customer, TTSI. TTSI is a drayage company operating at the Port of Los Angeles and Port of Long Beach in California. Nikola Delivers First Nikola Tre Battery-Electric Trucks to Total Transportation Services Inc. (nikolamotor.com) BTW, the cab is rebadged IVECO S-Way in case anyone is wondering... Edited December 29, 2021 by bzcat 1 Quote Link to comment Share on other sites More sharing options...
rperez817 Posted October 15, 2022 Share Posted October 15, 2022 On 7/29/2021 at 3:39 PM, rperez817 said: Former Nikola executive chairman Trevor Milton was indicted today on two counts of securities fraud and one count of wire fraud by a federal grand jury. Nikola founder Trevor Milton indicted in US for misleading investors | Reuters Federal jury in New York found Milton guilty on all 3 counts. He faces up to 25 years in federal prison. Nikola (NKLA) Founder Trial: Trevor Milton Convicted of Defrauding Investors - Bloomberg Quote Link to comment Share on other sites More sharing options...
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