Short-side research argued Nikola's hydrogen truck claims were unsupported by working technology, most infamously a promotional video of a truck rolling downhill rather than driving under its own power. The founder resigned days later and was later convicted of fraud.
We did not write this report. We catalogued it. The underlying research was published by Citron Research. The Forensic Ledger does not endorse its conclusions. Always read the original document.
Claims versus hardware
Nikola raised billions on the strength of demonstrations and partnership announcements rather than shipped product.
Findings
- The flagship "in motion" truck video showed a vehicle towed to the top of a hill and released
- Claimed proprietary hydrogen production economics unsupported by any operating facility
- Announced partnerships repeatedly overstated in scope relative to signed agreements
The conclusion
A company whose principal manufactured output was announcements.
subsequent events
- 2020-09-15Report published; shares fall sharply
“Nikola is an intricate fraud built on dozens of lies.”
- 2020-09-21Founder and executive chairman resigns
- 2022-10-14Founder convicted of securities and wire fraud
Source — https://citronresearch.com/
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