Electric vehicle startup Nikola Corp. has announced it had filed for Chapter 11 bankruptcy. Nikola now joins a line of EV startups that fell into bankruptcy over the past year.
While the Biden-Harris administration went full-speed ahead with a vision of EVs replacing gas-powered vehicles, electric-vehicle production has become a bad bet for the companies that jumped into the vision head-first. Consumers just never got on board with the plan.
With Trump planning to end federal EV mandates and legislation seeking to stop tax credits for the purchase of new EVs, the list of failed EV startups might continue to grow.