Hydrogen and electric truck manufacturer Nikola is reportedly exploring strategic options, including the potential sale of parts or even the entirety of its business.
This development follows a 28% drop in the Arizona-based company’s shares on Thursday (January 23). Nikola is now exploring options such as bringing on strategic partners or raising additional funds to stabilise its operations, according to reports.
The firm’s cash and cash equivalents dropped significantly to $198.3 million by the end of last year, down from $464.7 million at the close of 2023. Additionally, its shares suffered a steep decline, losing approximately 96% of their value throughout 2024.
Furthermore, reports have suggested Nikola CEO Stephen Girsky has left the company, although this is not confirmed.
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