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Nikola Corp (NASDAQ:NKLA) stock plummeted after the heavy-duty electric vehicle manufacturer revealed it has filed for Chapter 11 bankruptcy.  The Phoenix, Arizona-based company said it has initiated an auction and sale process for its assets, with potential buyers including both strategic and financial investors.

On Wednesday, the electric vehicle maker -- which paid $125 million to settle claims it misled investors -- said it is seeking an auction and sale process of its assets.

After years of decline, the heavy-duty electric vehicle (EV) maker Nikola (NASDAQ: NKLA) found itself on a major rollercoaster ride in mid-February 2025.

Hydrogen electric trucking startup Nikola Corp. filed for Chapter 11 bankruptcy protection Wednesday after it failed to find a buyer or secure additional funds to maintain operations.

EV maker Nikola Corporation filed for Chapter 11 bankruptcy protection on Wednesday after the embattled company faced “significant" macroeconomic challenges.

Nikola to pursue an auction and sale of its assets, and will continue “limited operations” during the sale process.

The company, which once enjoyed a surging stock price, struggled to turn its plans for electric and hydrogen trucks into a viable business.

Electric vehicle maker Nikola has filed for Chapter 11 bankruptcy protection, it said Wednesday. Company executives said in October that the EV maker only had enough cash to operate until Q1 2025.

Nikola filed for bankruptcy protection after failing to secure a buyer or raise additional funds to maintain operations. The filing marks the finale of the company's yearslong fall from grace.

Nikola filed for Chapter 11 bankruptcy protection, according to a court filing on Wednesday, as the electric truck maker battled rapid cash burn and struggled to raise additional funds amid uncertain demand for its hydrogen and battery-powered big rigs.