Nikola Motors has had quite the month, between being called fraudulent for its prototype being faked in a video, founder Trevor Milton stepping down, and GM postponing its contract signing with the electric vehicle (EV) startup. And now, the fate of one of its anticipated vehicles has been sealed.
Former financial analyst turned YouTuber, Tom Nash, posted on Twitter Thursday stating that Mark Russell, Nikola CEO, had told employees in a company-wide meeting that the Nikola One has been abandoned in development.
According to my sources, Mark Russell, the CEO of Nikola Motor Company (NKLA) just conformed that Nikola has abandoned the development of the Nikola One truck. This was done during an all hands employee meeting in $NKLA headquarters in AZ. More to follow.
— Tom Nash (@iamtomnash) October 8, 2020
Other main points in the meeting included questions about Nikola’s finances, to which Russell responded by telling employees that this was not true, and that they should “stop watching YouTube videos.” However, Russell failed to present any details signifying that his claims were correct.
Russell did, however, announce that Nikola would be looking for another round of financing, supposedly to support the development of its hydrogen battery cells.
Users on Twitter responded to the tweet expressing a range of opinions, mostly questioning the development of the Badger, which Nikola has remained silent on, as well as other quips regarding the business’ sketchy affairs as of late.
Whatever the future holds for Nikola, it’s clear that its fans are losing trust and interest in the company. And, unfortunately for Nikola, it seems that other major companies and investors are too.