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Nikola Motors Accused of Fraud


silvrsvt

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On 9/13/2020 at 5:35 AM, silvrsvt 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. 

Edited by bzcat
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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 by atomcat68
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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."

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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 by bzcat
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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.

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  • 10 months later...
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  • 1 month later...

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/

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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 by rperez817
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  • 2 weeks later...
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 by bzcat
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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)

 

211217_nikola_ttsi.jpg

 

BTW, the cab is rebadged IVECO S-Way in case anyone is wondering...

 

 

585826.jpg

Edited by bzcat
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  • 9 months later...
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

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  • ice-capades changed the title to Nikola Motors Accused of Fraud

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