Bad news for battery plants.
Nikola (NKLA.O) said on Wednesday it had filed for Chapter 11 bankruptcy protection and would pursue a sale of its assets, the latest electric-vehicle maker to stumble after grappling with tepid demand, rapid cash burn and funding challenges.
The development ends a challenging journey, which included several leadership changes, plummeting share values and short-seller allegations.[…]
Phoenix, Arizona-based Nikola, delivered its first vehicle in December 2021. A series of fire incidents involving its electric trucks in 2023 resulted in a recall of all its vehicles and raised safety concerns.
Nikola ramped up production of its hydrogen-powered trucks in 2024, but still lost hundreds of thousands of dollars on every vehicle sold as fleet operators were reluctant to invest in electric truck adoption amid high borrowing costs.
We’re lucky Jutthin and Blubber Doug have the backs of the battery plants being built (or have they
paused the building for a bit?)!
On second thought, it seems the poor taxpayers are ultimately on the hook for another boondoggle. Guess
they won’t release the agreement details on account of confidential info concerns.
I should have stocked up with more booze (eligible) during the tax holiday (which at the end of the day simply increased the deficit due to reduced revenues, so more bonds sold and money printed). Thx for borrowing $200 per head for the ‘tax rebate’ Doug! Add in the costs of an unnecessary election, we’re talking more than chump change here too (and Ontario also runs a deficit).
It’s called the “golden horseshoe “.
Fancy socks knows a unicorn when he sees one. It’s at the end of a rainbow.
Trump’s head of EPA just announced the joke is over, and they’re repealing all the impossible CAFE standards and the all-electric-by-2030 nonsense. Electric cars are dead, dead, dead.
Making you wonder if the electric car thing is a real-life Communist plot. Maybe my tinfoil hat is on too tight.
Carney will fix all of this…just you wait and see!
I guess when idiots fix things other idiots believe they have been fixed.
I went to the Toronto auto show on Monday and nearly everything on display was electric. Aside from the tiny exotic supercar dealerships like McLaren Toronto and Lotus Toronto, every manufacturer was pushing their EVs hard. Some manufacturers had no non-EV models at the show.
Now, I know the plans for these shows are fixed months in advance but I found myself wondering whether this was just a show on autopilot and thus it was impossible for them at adapt to the new Trump reality in time…or if the plan was to use Canada as a dumping ground for the unsellable EVs since we still have the subsidies and they can’t give them away south of the border now.
Hey, Phantom, pass the tinfoil hat.
What kind of survival kit do you need to carry in the trunk of an EV in Canada? Living in CA … where I had the top down today in my BMW ICE convertible in the gorgeous 70deg.F weather … I have no idea what one would need to survive in -40deg weather when your EV just stops running in the middle of nowhere …
I assume the kit would need to be extensive … and take up a boatload of trunk space
Toque, gloves, beer.