General

Looks like it's 'curtains' for Nikola....

Well, many of us were happy to see another company bringing a non-fossil fuel vehicle to market. Nikola has seemed quite promising. However, Electrek today has a pretty solid article about how the CEO has actually built an elaborate ruse, and it all is starting to come crashing down. https://electrek.co/2020/09/11/nikolas-nkla-house-of-card-crumbles-gm-nothing/ The article is based on a report from Hindenberg. https://hindenburgresearch.com/nikola/
It all seems pretty damning to me. but, makes an interesting story, espec since GM just announced a deal with Nikola!
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Comments

  • Its curtains for you rocky
  • One more example of GM grasping at straws?

    Sandy Munro, on more than one occasion, has called out the legacy automakers for disbanding their once vertical integration, on the altar of short term stock performance. This is the type of stuff that happens when you do not keep mission critical core competencies within your business.

    Sandy was, and is, correct. GM was, and is, in trouble. Nikola is just a symptom of a greater problem, people that don't critically think. P.T. Barnam would be proud.
  • With all the absurdity and lying we hear from our esteemed leader, we should probably not jump to the conclusion that the story is true. After all, it may be a sophisticated attempt to derail Lucid Motors by paying a huge sum of $ to make the story credible. I can see plausible justification from any of the big automakers. A highly persuasive actor would be very effective. Or a beach house for Hindenburg Research's employees? I am just trying to think outside the box here, NOT saying either of those scenarios will happen. I am highly sensitive to treachery potential, ever vigilant.
  • Lucid? The article is about Nikola.
  • My bad, of course. Do we have the ability to correct mistakes that old people can make as they slide into dementia. I'm very sorry that slipped by my mind.
  • Yes, it seems as we get older we are not quite as lucid. :)
  • Steven manages to make the story interesting and adds a few updates. https://www.youtube.com/watch?v=_e12JM6zQ3U
  • The story on Nikola has always been a bit shaky. A lot of talk and not much action.
    I wish them well but currently isn’t looking to promising. GM partnered with a straw company.
    I would assume GM was fully aware of current situation.
    We’ll see how things pan out.
  • Nikola lost me when they claimed Hydrogen fuel was the future for them. Perhaps in a perpetual 10 years like everyone else on the same boondoggle.
  • I don't think making H2 from fossil fuels will help solve the climate crisis but GM doesn't care.
  • More evidence that GM is heading for bankruptcy investing in Nikola without doing their due diligence. I think Nikola is going bust with so much misleading and false information it is virtually impossible to believe they are legit.

    https://www.youtube.com/watch?v=_e12JM6zQ3U
  • @Tesal-David I don't think they invested in Nikola. Rather Nikola gave GM $2,000,000,000 worth of stock in order for them to do a joint press release giving Nikola some street (wall street) cred, and GM some street cred for getting "serious" about EVs.

    Reminds me of the movie Dumb and Dumber. GM give not part with any $. Nikola "paid" GM to use their name in a press release. Essentially Nikola is a pimp.
  • @Tesla-David

    I agree with the post above me. GM doesn't seem to have invested a dime into Nikola (for good reason). If Nikola can get enough orders for GM to make the vehicles, GM will have the stocks they were given and make money from making the trucks. If Nikola can't get enough orders and folds, GM sells the stocks before they hit 0 and still makes money.

    Even when Nikola customers realize that all the advertising about the truck was false and now they will be getting new battery technology and fuel cell technology that probably won't reach 600 milesand won't have a hydrogen network to fill from for a cheap price; GM is still safe because they are probably going to make the trucks while keeping as much distance from Nikola as they can.
  • they've made more moves with the truck than the semi so far. i bet they're going for the truck market. hydrogen, shmydrogen. People want a piece of that cybertruck market.
  • All downhill from here.
  • Perhaps a change at the very top of G.M. is in order.
  • the saga continues... https://www.youtube.com/watch?v=cfirQ5TMHCw&t=767s
  • As you probably noticed Mary Barra today said GM did due diligence and they are standing by the deal. Easy to stick with the deal since it doesnt cost GM anything. (except reputatation) What is more puzzling is why NKLA is up today! Steven did an update, and the comments below it quote some of the strange remarks from folks who bought NKLA today. see: https://www.youtube.com/watch?v=byBCM6sNk40
  • As more information continues to come out, not looking good.
    Even Nikola’s response has been dissapointing.
    I’m trying to figure out why GM would hitch their wagon to something like this.
    Maybe they want to try to be the one that saves Nikola?
    GM better focus on saving themselves.
  • @TT:
    Companies these days are largely more into investing than producing nice product..
    What does Apple do with ?200 billion cash?
    What does Airbnb do with all that cash?
    It would be more interesting to see what they do with hoards of cash than another yawn new phone.
    A good company nowadays needs to be a great money manager.
    This is possibly behind the (ridiculous) surge in tech stocks these days. Money Management.
  • Investing in Nikola is irresponsible unless your stated goal is to turn a large pile of cash into a small pile of cash. And who does that on purpose?
  • > @jjs said:
    > Investing in Nikola is irresponsible unless your stated goal is to turn a large pile of cash into a small pile of cash. And who does that on purpose?

    GM?
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