In recent weeks, harassment by investors and the media about Nikola Motors had reached a very high level, so much so that a few hours ago its founder and president, Trevor Milton, immediately confirmed his resignation from his position within the business.
A profile will occupy its place with a long experience within the automotive industry. Stephen Girsky, former vice president of General Motors, has placed the confidence that his 30 years with the Detroit manufacturer will help him redirect the current difficult situation.
I will be cheering from the sidelines with you. Your greatest fan. pic.twitter.com/IaYfZedYhK— Trevor Milton (@nikolatrevor) September 21, 2020
According to Trevor Milton, the decision has been made to protect Nikola and his investment, and where he will continue as one of the principal shareholders with 20% of the company.
The question is whether the waters will calm in the environment of a manufacturer that has been accused of not having its own technology that it had said to have developed, and lying about the possibilities and terms of the beginning of its commercialization.
A veritable roller coaster in which accusations of false promises have been interspersed with a successful IPO, surpassing $20 billion in valuation. A valuation that has been followed by a sharp drop that exceeded 60%, a new rise with the agreement with General Motors, and then back down again after the publication of a report from the Hindenburg institute that seems to have given the finishing touch to a Trevor Milton who has even been accused of the failure of previous projects.
A situation that can only be solved with presenting a real product, which on paper should be the Nikola Badger. An electric pickup with a version equipped with a range extender will be presented this coming December and begin its sales in 2021. Its electric and hydrogen trucks will have to wait until 2022.
Quite long terms that will almost certainly result in a few more months of harassment by short investors, who have turned their attention to the North American manufacturer, which will now have to fight for its survival hand in hand with a new direction.