Nikola (NKLA) is fighting for its life. The Arizona-based manufacturer of the zero-emission Tre BEV 2.0 and Tre FCEV Class 8 semis has seemingly issued a media blackout as word began to spread this past week, per an SEC filing, stating it lacks sufficient funds to survive through the next business quarter.
[Related: Nikola's troubles deepen with more layoffs, potential bankruptcy]
The company's stock continues to nosedive, hitting a 52-week low only days ago. The stock was down today, Friday, by 8.92%, closing at $1.43 per share.
Even more troubling is a National Highway Transportation Safety Administration (NHTSA) report that was filed in late October of this year against a single Nikola Tre FCEV in Berkely, California.
According to the complaint, the vehicle experienced "a total of five roadside propulsion outages resulting in three towings and two instances whereby the truck was operated in battery only mode at reduced power to reach the next hydrogen fueling station."
No injuries, crashes, or fires were reported but this is a safety issue for both the driver and cargo. The complaint further states that the error codes the driver received indicated a "Fuel Cell Shutdown" and "Tank Valve Error." These incidents happened between January 2024 and October 2024 and, unfortunately, the operator's dealership, nor Nikola itself, was able to resolve the problems. However, Nikola did issue a Technical Service Bulletin (TSB) that appears to be related to these issues.
Only 900 miles were on the vehicle at the time of the first error code. The most recent error code was received at just over 28,000 miles.
All the more troubling is this final statement: "It is the understanding this is a product wide issue and not isolated."
[Related: FCEV early adopter's operational concerns come to life]
Meanwhile, there are unsubstantiated rumors that Nikola has requested for its dealerships not to accept new Tre FCEV orders. Clean Trucking reached out to an official dealer source who confirmed they have not received any instructions on the matter at this time.
The FCEV's production status also remains unknown but a tip sent to Electrek from a company insider claims Nikola plans to bring the assembly line to a halt.
