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Cash-strapped electric and hydrogen truck manufacturer Nikola is exploring a potential sale of parts or all of the company, Bloomberg reported yesterday.

Why it matters: Nikola remains one of the only U.S. electric truck makers that's managed to deliver semis to customers.

The big picture: Nikola is considering potential partnerships or a fresh capital raise in addition to a possible sale, per Bloomberg, citing sources familiar with the internal discussions.

What they're saying: "We have been relentlessly working to raise capital, reduce our liabilities, preserve cash and provide excellent service for our customers," Nikola told Bloomberg.

A spokesperson for the Phoenix-based company declined to comment.

Follow the money: Nikola has seen its Nasdaq share price sink from nearly $2,000 in 2020, when it went public via a blank check deal at the height of the SPAC boom, to less than $1 this week.

The stock lost nearly 96% of its value in 2024 alone.

State of play: While Nikola is one of the only U.S. manufacturers of electric semis, delivering its first truck in 2022, it never quite recovered from a fraud scandal that saw founder Trevor Milton convicted for misleading investors about the company's tech.

Nikola has since had multiple CEOs, and it had to recall all 209 of its battery-electric trucks in 2023 after a series of battery fires.

The fine print: The company's hydrogen-powered trucks were unaffected by the recall. It announced in October that it had sold 235 of the fuel-cell vehicles.

Electric truck maker Nikola eyeing sale: report

The cash-strapped company is exploring its options.

An electrified Nikola semi truck, gray with a green shipping container attached, sits at the Port of Los Angeles.

A Nikola semitruck is delivered to the Port of Los Angeles in December 2021. Photo: Brittany Murray/MediaNews Group/Long Beach Press-Telegram via Getty Images

Cash-strapped electric and hydrogen truck manufacturer Nikola is exploring a potential sale of parts or all of the company, Bloomberg <a class="gtmContentClick" data-vars-link-text="reported" data-vars-click-url="https://www.bloomberg.com/news/articles/2025-01-23/ev-maker-nikola-explores-sale-partnerships-with-cash-dwindling" data-vars-content-id="a868e5a4-9d88-418a-9efa-500006fb207c" data-vars-headline="Electric truck maker Nikola eyeing sale: report" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.bloomberg.com/news/articles/2025-01-23/ev-maker-nikola-explores-sale-partnerships-with-cash-dwindling" target="_blank">reported</a> yesterday.Why it matters: Nikola remains one of the only U.S. electric truck makers that&#x27;s managed to deliver semis to customers.

Electric truck maker Nikola eyeing sale: report

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