Nikola Corporation
Hindenburg Research published a report on Nikola in September 2020S1. Nikola rejected it as false and misleading but said it never claimed a promotional truck video showed the truck under its own propulsionS2. In December 2021 the SEC announced that Nikola agreed to pay US$125 million to settle fraud charges, without admitting or denying the findingsS3. A jury in the Southern District of New York convicted the founder on 14 October 2022S8. He was sentenced on 18 December 2023S9 and pardoned on 27 March 2025S4. Nikola filed for chapter 11 in February 2025S6. The SEC claim was later settled at a lower figure in the liquidationS7.
- Also known as
- Nikola Motor Company, Nikola Corp
- Headquarters
- United States
- Records from
- United States
- Current status
- Nikola and certain subsidiaries filed voluntary chapter 11 petitions in the United States Bankruptcy Court for the District of Delaware on 19 February 2025 to sell assets and wind down the businessS6. Court filings in September 2025 described a chapter 11 plan of liquidation and an agreement on the SEC claimS7.
- SEC CIK
- 1731289
Scope. This record covers the hydrogen and electric truck maker Nikola Corporation of Arizona. It does not cover Tesla Inc., the inventor Nikola Tesla or unrelated firms using the Nikola name.
Claims assessed
4 claims. Scores grade the evidence for each claim, not the organization.- Supported74A September 2020 Hindenburg Research report said a Nikola promotional video showed its truck rolling down a hill after being towed up, not driving under its own power.Short-seller report, 10 September 20202 records citedProduct claims
- Partly supported73The Hindenburg report said Nikola's claims to design key components in house were false and that it bought inverters from a supplier called Cascadia.Short-seller report, 10 September 20202 records citedProduct claims
- Contradicted83Nikola said in September 2020 that the allegations in the Hindenburg report were false and misleading.Company statement, 14 September 20205 records citedFraud
- Outdated70The SEC announced in December 2021 that Nikola would pay US$125 million to resolve fraud charges.Regulator statement, 21 December 20212 records citedCorporate status
Cases and proceedings
- In the Matter of Nikola CorporationU.S. Securities and Exchange Commission. Regulatory. Press release 2021-267.Stage: Settled administrative order, without admitting or denying
- Nikola agrees to pay US$125 million and to the orderS3
- United States v. Trevor MiltonU.S. District Court for the Southern District of New York. Criminal. Not published.Stage: Conviction of 14 October 2022 and sentence of 18 December 2023, followed by a full presidential pardon on 27 March 2025
- In re Nikola Corporation and affiliated debtorsUnited States Bankruptcy Court for the District of Delaware. Insolvency. Not published.Stage: Chapter 11 sale and liquidation process
- Filings outline SEC claim agreement in a plan of liquidationS7
Responses on record
- Nikola Corporation, 14 September 2020, on A September 2020 Hindenburg Research report said a Nikola promotional video showed its tru...
Nikola said the video was described as in motion and never as under its own propulsion.S2
- Nikola Corporation, 14 September 2020, on Nikola said in September 2020 that the allegations in the Hindenburg report were false and...
Nikola said the report was designed to give investors a false impression and to manipulate the market.S2
Revision history
- Profile and 4 assessments first published. Records checked to 25 October 2026.
Source records
- S3Tier A Nikola Corporation to Pay $125 Million to Resolve Fraud ChargesU.S. Securities and Exchange Commission. Regulator press release. 21 December 2021.Supports the settled order and its findings on misleading claims. The settlement was without admitting or denying.
- S4Tier A Clemency Grants by President Donald J. Trump (2025-Present)U.S. Department of Justice, Office of the Pardon Attorney. Government press release. 27 March 2025.Lists the founder's pardon, offenses and the 18 December 2023 sentence. It does not give the verdict date.Link working, checked 25 October 2026
- S9Tier A Trevor Milton Sentenced To Four Years In Prison For Securities Fraud SchemeU.S. Attorney's Office for the Southern District of New York. Government press release. 18 December 2023.DOJ release on the four year sentence by Judge Edgardo Ramos after a one month trial. It does not give the exact verdict date.Link working, checked 25 October 2026
- S5Tier C Nikola Founder Trevor Milton Receives Full Pardon From TrumpTransport Topics. Press report. 28 March 2025.Reports the 2022 jury conviction, four year sentence and the pardon. Staff byline only, corroborated by the DOJ pardon list.Link working, checked 25 October 2026
- S7Tier C Nikola agrees to $83M SEC settlementFreightWaves. Press report. 12 September 2025.Report by Caleb Revill on the SEC claim agreement within the liquidation plan. It does not state plan confirmation or prior payments.Link working, checked 25 October 2026
- S2Tier C Nikola disputes fraud claims in carefully worded rebuttalTechCrunch. Press report. 14 September 2020.Report by Kirsten Korosec quoting Nikola's rebuttal. Supports what Nikola said, not the truth of either side.Link working, checked 25 October 2026
- S6Tier B Nikola Initiates Comprehensive Voluntary Chapter 11 Sale ProcessNikola Corporation. Company filing. 19 February 2025.Company press release filed with Form 8-K on the chapter 11 filing and wind down.
- S1Tier D Nikola: How to Parlay An Ocean of Lies Into a Partnership With the Largest Auto OEM in AmericaHindenburg Research. Short-seller report. 10 September 2020.Origin of the video and in-house claims. It is a short seller's analysis and does not by itself establish any fact.Link working, checked 25 October 2026
- S8Tier C Nikola founder Trevor Milton convicted of fraud for misleading investorsFortune (Bloomberg). Press report. 14 October 2022.Bloomberg report by Chris Dolmetsch and Edward Ludlow on the jury verdict of 14 October 2022 on three counts. DOJ records confirm an October 2022 conviction.Link working, checked 25 October 2026