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I’ve been following Nikola Motors since its early hype days — when it was the next Tesla of trucking. After the fraud allegations, the founder’s conviction, and years of turmoil, you might assume the company is dead. But here’s the truth: Nikola Motors is still a registered public company, still producing a handful of trucks, and still clinging to life. But its future is anything but certain. Let me walk you through exactly where Nikola stands right now.

The Short Answer: Yes, but Barely

Nikola Motors hasn’t filed for bankruptcy. It’s still listed on the Nasdaq under the ticker NKLA, though its stock price has cratered more than 90% from its peak. The company continues to deliver a small number of battery-electric and hydrogen fuel cell trucks to customers, mostly for testing and demonstration. It also still operates an energy division focused on hydrogen fueling infrastructure. But make no mistake: Nikola is a shell of its former self, operating on a fraction of the cash it once had and facing an uphill battle for credibility and sales.

What Happened to Nikola? A Quick Recap

Nikola burst onto the scene with promises of a revolutionary hydrogen-electric truck. In 2020, it went public via a SPAC merger and briefly surpassed Ford in market value. Then came the short-seller report from Hindenburg Research calling it “an ocean of lies.” Founder Trevor Milton resigned and was later convicted of fraud for misleading investors about the company’s technology. Since then, Nikola has been fighting for survival — settling SEC charges, cutting costs, and trying to prove it can actually build trucks.

The Trevor Milton Effect

Milton’s conviction sent shockwaves. He was sentenced to four years in prison. The company had to distance itself entirely from him. Many institutional investors fled. The reputation damage has been a massive hurdle — potential customers and partners became skeptical.

Production Delays and Recall

Nikola’s first production model, the battery-electric Tre, faced delays. Then came a recall of all delivered Tre trucks due to a battery coolant leak issue. That hurt confidence further. The company had to pause sales, fix the problem, and restart deliveries.

Current Operations: Trucks, Energy & Partnerships

Despite all the bad news, Nikola is still running. Here’s what they’re actually doing on the ground right now.

Truck Production

Nikola has two truck models: the Tre BEV (battery-electric) and the Tre FCEV (fuel cell electric). As of mid-2024, the company had delivered around 200–300 trucks total, mostly BEVs. A few dozen FCEVs were also handed over to customers like UPS and TTSI for real-world testing. Production happens at its factory in Coolidge, Arizona — a facility that’s still operational but running well below capacity.

Hydrogen Energy Division

Nikola also operates HYLA, a hydrogen fueling business. It has built a handful of hydrogen stations (mostly in California) to support its trucks and third-party customers. This side of the business is critical for its long-term vision, but it’s capital-intensive and not yet profitable.

Key Partners

  • IVECO: The European truck maker co-developed the Tre platform. IVECO still provides manufacturing support and some distribution in Europe.
  • Bosch: Provides key components like fuel cell modules.
  • TC Energy: Collapsed a joint hydrogen pipeline project in 2023, a setback.
My take: The partnership with IVECO gives Nikola a lifeline. Without IVECO’s engineering and supply chain, Nikola would have folded long ago. But IVECO has its own electric truck plans and may not stay tied forever.

The Financial Reality: Stock, Revenue & Survival

Let’s talk numbers. Nikola’s financials are grim. Revenue in 2023 was just over $40 million — a pittance for a company that once had a $30 billion market cap. The company reported a net loss of more than $800 million in the same year. It has repeatedly raised capital through stock offerings, diluting shareholders severely.

Metric Value (as of Q2 2024)
Cash & Equivalents ~$200 million
Debt ~$300 million
Quarterly burn rate ~$80 million
Stock price (mid-2024) ~$0.40–0.60

At that burn rate, Nikola has less than a year of runway without additional financing. It has already issued several reverse stock splits to avoid delisting. The risk of bankruptcy is real if it can’t ramp up sales or find new investors.

Warning: Nikola has a history of diluting shareholders. Any investment here is extremely speculative. I’d never put money I can’t afford to lose into this stock.

Cancelled Projects & Broken Promises

Nikola’s long list of cancelled promises hurts its credibility. The Badger pickup truck? Cancelled. The One hydrogen semi? Never made it. The global hydrogen network? Scaled back drastically. Even the Tre FCEV only started limited deliveries years after first promised.

What remains is a focused, but small, effort on the Tre platform. The company is no longer making grand claims — they’re just trying to survive quarter to quarter.

Should You Invest? Risks & Red Flags

If you’re considering buying NKLA stock, here are the biggest risks I see:

  • Bankruptcy risk: Cash is running low, and profitability is years away.
  • Dilution: The company will likely need to issue more shares, crushing the stock price.
  • Execution risk: Even if they survive, can they compete with Tesla, Daimler, and Volvo? Those giants have far more resources.
  • Hydrogen infrastructure: Hydrogen trucking requires a whole new fueling network, which is expensive and slow to build.

On the other hand, if hydrogen trucking does take off, Nikola has a head start with actual trucks on the road. But that’s a big “if.”

Frequently Asked Questions

Why hasn’t Nikola declared bankruptcy yet?
Because it still has some cash and has been able to raise small amounts through stock sales and debt. Also, its manufacturing facility serves as collateral. But the clock is ticking.
Is Nikola actually delivering trucks to customers, or is it all hype?
They are delivering real trucks. I’ve seen photos and videos from customer sites. But the volume is tiny — we’re talking about a few hundred trucks total. Compare that to Tesla’s thousands of Semis or Daimler’s thousands of eCascadias.
What happened to the Nikola Badger?
Cancelled in 2020 after the fraud allegations. The company never even built a full prototype. It was a concept meant to attract investors and pre-orders, not a real product.
Does Nikola have any competitive advantage left?
Its main advantage is that it’s one of the few companies with a fuel cell truck that has received regulatory approvals and done some commercial deliveries. But the lead is shrinking as legacy OEMs ramp up their own hydrogen trucks.
Is it safe to buy a Nikola truck as a fleet operator?
I’d be cautious. The recall and financial instability mean parts and service support could be at risk. If Nikola folds, your truck could become an orphan. I’d only consider it if you have a strong service contract and maybe a backup plan.

*This article is based on publicly available information and my own analysis as of the current date. No year-specific statements are intended to be date-dependent. Always do your own research before making investment decisions.