January 25, 2025 – Nikola Corporation, an American startup specializing in electric and hydrogen-powered semi-trailer trucks, is reportedly exploring options to address its cash crisis, according to sources cited by Bloomberg. Among the potential solutions being considered by the company is the possible sale of some or all of its assets.
In addition to asset sales, Nikola is also evaluating other strategies, such as bringing in new partners or raising fresh capital. However, the sources emphasized that the process is still in its early stages and management has not yet made any decisions. It is also possible that the company may ultimately decide not to pursue any of these options.

In an email statement, Nikola acknowledged the challenges facing the electric vehicle industry and stated, “We have been diligently working to raise capital, reduce debt, maintain cash flow, and provide excellent service to our customers.”
Nikola, which went public in 2020 through a special purpose acquisition company (SPAC) transaction, has faced significant challenges since its founder and former CEO, Trevor Milton, resigned amid allegations of fraud related to technology advancements. The company has gone through several CEO changes and has struggled with sluggish sales of its “clean technology” products and a steep decline in its stock price.
As of Thursday afternoon, Nikola’s stock had fallen by 22%, and it had lost 95% of its value over the past 12 months.
Steve Girsky, the current CEO who previously served as an analyst at Morgan Stanley and an executive at General Motors, led the company’s transition to the public market. He is now spearheading efforts to raise additional funds or identify alternative strategic solutions.
During an October conference call, Girsky hinted at potential collaborations, stating, “We are actively engaged with multiple potential partners who value our work and the progress we have made.”
To stabilize its finances, Nikola has implemented several cost-cutting measures, including multiple rounds of layoffs.
The company’s financial difficulties have been partially attributed to issues with its electric trucks. In 2023, Nikola recalled all 209 battery-electric heavy trucks it had sold and suspended sales after discovering a defect in the battery packs.