Nikola rumored to file for bankruptcy, CEO to depart

Pxl 20231218 211247863 Headshot
Updated Jan 29, 2025
Nikola semis parked
Nikola's financial troubles appear to have finally culminated as the OEM is reportedly set to file for bankruptcy and CEO Steve Girsky will leave the company.
Nikola

UPDATE:

Two top executives have reportedly left the company. Jaimie Ulloa, a plant manager who joined the company in September 2021, and Nick Ioppolo, head of battery of operations who started in late 2022, are the most recent departures. A few of the company's public relations team members have also departed, according to their LinkedIn posts.

Nikola has yet to comment.

Meanwhile, the company continues to delay reporting its fourth-quarter 2024 sales results. 

This is a developing story. Stay tuned for updates.


Arizona-based Nikola Motors appears to be facing the music.

According to a Bloomberg report, the battery-electric and hydrogen fuel-cell (FCEV) Class 8 truck manufacturer is exploring several options, including selling parts or all of the company, a little over a month after announcing it lacked sufficient funds to survive through Q1 2025.

[Related: Nikola's troubles deepen with more layoffs, potential bankruptcy]

Electrek, furthermore, is also claiming Nikola is already preparing a bankruptcy filing and that CEO Stephen Girsky is out of the job.


As of this writing, Nikola has not made an official announcement and a request for comment went unanswered.

The OEM has been battling higher than expected costs related to the production build up of its FCEV semi. Nikola's shares lost about 96 percent of their value last year.    

Nikola shares dropped nearly 28 percent at the end of trading on Thursday. 

Jay Traugott has covered the automotive and transportation sector for over a decade and now serves as Senior Editor for Clean Trucking. He holds a drifting license and has driven on some of the world's best race tracks, including the Nurburgring and Spa. He lives near Boulder, Colorado, and spends his free time snowboarding, climbing, and hiking. He can be reached at [email protected].

Looking for your next job?
Careersingear.com is the go-to platform for the Trucking industry. Don’t just find the job you need; find the job you want with the company that wants you!
Hydrogen Fuel Cell & BEV Survey
The following survey was sent as a link in an email cover message in February 2023 to the newsletter lists for Overdrive and CCJ. After approximately two weeks, a total of 176 owner-operators under their own authority, 113 owner-operators leased or assigned to a carrier and 82 fleet executives and 36 fleet employees from fleets with 10 or more power units had completed and submitted the questionnaire for a total of 407 qualified responses. Cross-tabulations based on respondent type are provided for each question when applicable.
View Infogram