BUZZ-Nikola slumps after filing for bankruptcy protection

Shares of electric truck maker Nikola NKLA.O fall 46.8% to 40 cents premarket

Co files for Chapter 11 bankruptcy protection and will sell most of its assets due to financial struggles

Will continue some operations until the end of March, including truck maintenance and hydrogen-fueling services - NKLA

Other electric vehicle companies, like Fisker, Proterra, and Lordstown Motors, have also filed for bankruptcy in recent years due to high interest rates and low demand

"Like other companies in the electric vehicle industry, we have faced various market and macroeconomic factors that have impacted our ability to operate" - CEO Steve Girsky

NKLA has assets valued between $500 mln and $1 bln, but liabilities estimated between $1 bln and $10 bln - court filing

NKLA shares fell ~95% in 2024