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(Elbil24 🙂 Trevor Milton is in many ways the same for the American company Nikola, as Elon Musk is for Tesla. Until now.
On Monday morning, Trevor Milton announced his resignation as Nikola’s chief executive officer and chairman, after the company in a report was branded the biggest hoax in history.
Nikola has primarily adapted to the time to develop hydrogen-powered trailers, but recently he has also focused on smaller battery-electric commercial vehicles.
The common denominator is that none of the products has materialized so far.
Nikola takes a Tesla
Lies and deceptions?
Nikola has recently entered into several agreements with other companies. More recently, an agreement was reached with General Motors that GM would be responsible for the development and production of the Nikola Badger, a battery-electric pickup that is destined for the market over the next year. This was very well received by the market and gave Nikola’s shares a strong boost of more than 40 percent.
Just days after this promise, the Hindenburg Research research agency published a report accusing Nikola of having lied and deliberately misleading investors.
One of the main points should be that Nikola in 2017 showed a trailer powered by hydrogen in motion and, through well-chosen words, left the audience with the impression that he was going for his own machine.
This was not the case as it was on a road with enough incline for the car to roll on its own.
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Motargumentene
In hindsight, Nikola has dismissed all criticism, with excuses that they later said the car was “in motion”, in motion, but never that he was driving for his own machine. Nikola has hereby admitted that the hydrogen car did not work by itself.
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This was just one of several points in the Hindenburg report, and they had, among other things, employee statements, email correspondence, and various other points that they thought gave reason to say that Trevor Milton and Nikola exaggerated the accumulation of their own situation. and product.
Several of the points can be considered from a lateral point of view as dumping, but that, nevertheless, creates uncertainty about the credibility of the company.
Nikola responded by putting a law firm on the case, drafting an official response, as well as asking the US Financial Supervisory Authority to review the allegations. The SEC – Security and Exchange Commission – has announced that it will study the matter, but has not yet made any statement.
That’s why VW is dropping hydrogen
On good and bad days
The deal with GM raised Nikola’s stake from $ 35 to just over $ 50 at most. Hindenburg Research acknowledges that prior to publication, they had taken a short position on Nikola, that they had put money in Nikola’s stock going down, not up. So the increase caused a decent loss for Hindenburg Research.
Therefore, Hindenburg Research also had a motive that helps cast doubt on its methods. They have also previously been in the limelight for influencing stock prices for their own benefit.
Nikola hasn’t just made big deals with GM. They also entered into a major agreement with the Norwegian hydrogen company NEL, regarding the deployment of a planned filling network for hydrogen, in the same way that Tesla has its charging network. Through this deal, NEL has become a shareholder in Nikola, and in NEL’s latest quarterly report, the paper gain from the price increase on Nikola formed a significant part of the result.
As a result of the noise around Nikola, NEL stock has now also felt the pull of gravity for the past week, and today’s news did not improve this.
The fact that Trevor Milton is now stepping down as Nikola’s CEO and Chairman of the Board is helping to strengthen the doubts created by the Hindenburg report.
In Wall Street trading, Nikola is down 25 percent on the day, while NEL as of this writing is down 16.76 percent, today alone.
Treasured hydrogen cars: focus on “homemade” fuel
Now what?
Like Elon Musk, Trevor Milton has been a fox on Twitter, which has created buzz for both of them. The difference is that Milton does not currently have a ready-to-sell product to refer to, and it is currently difficult to gauge whether the largemouth can deliver on its promise.
After the release of the Hindenburg report, Milton went out and tried to put out all the small and large fires through his Twitter account, without much success. Finally, he was asked internally not to comment other than through the law firm. Then Pipa was silent too, until this morning when he announced his departure.
Once again, an entire market sits down and wonders if the departure is really due to the lack of a real foundation in Nikola, or if it may be due to his special leadership style and way of communication.
Before the layoff, most major investors, such as GM, Iveco and NEL, have stated that they still support Nikola, with Trevor Milton at the helm. The question then is, now what?
Nikola says in a press release that Stephen Girsky will replace Trevor Milton. Girsky is a seasoned man from the automotive industry, has long navigated General Motors and has already sat on Nikola’s board of directors.
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