Nikola: How to Parlay An Ocean of Lies Into a Partnership With the Largest Auto OEM in America

Hindenburg Research ^ | September 10, 2020 | Hindenburg Research

[SunkenCiv]

Today, we reveal why we believe Nikola is an intricate fraud built on dozens of lies over the course of its Founder and Executive Chairman Trevor Milton's career...

• Inexpensive hydrogen is fundamental to the success of Nikola’s business model. Trevor has claimed in a presentation to hundreds of people and in multiple interviews to have succeeded at cutting the cost of hydrogen by ~81% compared to peers and to already be producing hydrogen. Nikola has not produced hydrogen at this price or at any price as he later admitted when pressed by media.

• Trevor has appointed his brother, Travis, as "Director of Hydrogen Production/Infrastructure" to oversee this critical part of the business. Travis’s prior experience looks to have largely consisted of pouring concrete driveways and doing subcontractor work on home renovations in Hawaii.

• Claims of owning energy producing assets is not new for Nikola. Trevor claimed that Nikola’s headquarters has 3.5 megawatts of solar panels on its roof producing energy. Aerial photos of the roof and later media reports show that the supposed panels don’t exist.

• At one point Nikola claimed to own its own natural gas wells. There is no evidence in company filings to support this. The claims were eventually quietly removed from Nikola’s website.

• Trevor claims Nikola designs all key components in house, but they appear to simply be buying or licensing them from third-parties. One example: we found that Nikola actually buys inverters from a company called Cascadia. In a video showing off its "in-house" inverters, Nikola concealed the Cascadia label with a piece of masking tape.

[SunkenCiv]

Electric truck start-up Nikola fell more than 8 per cent last week after Hindenburg Research a short seller's report claimed the business was an "intricate fraud" that had exaggerated its technology and faked product launches.

Nikola Motors Fraud Claims Explained | Trevor Milton | Trading NKLA

[SunkenCiv]

Nikola Motors is not the first disaster that Trevor has had, as the Hindenburg Report has revealed that his previous companies also engaged in fraudulent actions.

Nikola Motors - The $34 Billion DISASTER

[BereanBrain]

YOU Have been warned.
Buy TSLA or NIO if you want, but avoid vaporware in NKLA.

[Newtoidaho]

Freightwaves.com reporting that Trevor Milton has resigned from the company tonight.

[RainMan]

This is too bad. I really loved the design and specs on the Badger, and was seriously considering putting money down for one.

[roadcat]

Nikola is an intricate fraud built on dozens of lies over the course of its Founder and Executive Chairman Trevor Milton's career...

At first I thought this was a story about Joe Biden! Hey Joe, is that you?

[SunkenCiv]

The top recommended vid on my YT was some vlogger who noted that TM had resigned, but that the company still had good management in place. If the company had good management, it wouldn't be a scam from end to end.

[SunkenCiv]

Using a downhill stretch of road to shoot a video of the "hydrogen-powered" semi truck and trailer coast up to highway speed was pretty innovative. Maybe there should be a special award for grifters.

Tesla's been building and selling vehicle for twelve years, and has been really selling cars since 2012 (985K total of Models S, X, 3, and Y), has built real factories in two countries and is building the Berlin Germany plant at startling speed. GM meanwhile partnered with Nikola Motors...

[SunkenCiv]

Be glad you delayed doing that.

[SunkenCiv]

Trevor Milton fled to Austria?
https://www.reddit.com/r/wallstreetbets/comments/ir1ur3/enron_musk_trevor_milton_fleeing_to_austria/
https://twitter.com/financelancelot/status/1304549888735219715?s=21

Tilson Says Nikola’s Trevor Milton Will Land ‘Behind Bars For Securities Fraud’
Wayne Duggan
Benzinga
September 16, 2020
https://finance.yahoo.com/news/tilson-says-nikolas-trevor-milton-183641425.html

[SunkenCiv]

Nikola Motor: Hindenburg Research report claims widespread deception by company, founder Trevor Milton | Fortune
https://fortune.com/2020/09/10/nikola-motor-stock-hindenburg-research-allegations/

Search hits for “GM Stock” — still being touted a week ago for its deal with Nikola.

http://www.google.com/search?q=gm+stock

[montag813]

NKLA down 23% premarket

[Red Badger]

From Wiki:

Fraud allegation

Trevor Milton has alleged that those who are short selling Nikola stocks are Tesla fans, who are alleged not to be Nikola shareholders but “anti-Nikola or paid attack accounts”.[46]

On September 10, 2020, two days after Nikola established ties with General Motors, short seller Hindenburg Research released a report[47] claiming Nikola of being “an intricate fraud built on dozens of lies over the course of its Founder and Executive Chairman Trevor Milton’s career.” The report also claimed that a video posted by Nikola in 2018 of a Nikola One truck appearing to run under its own power was staged, with the truck actually rolling down a long and gradual slope capable of accelerating vehicles to highway speeds, and that Nikola continued to promote their claims about their battery technology despite failing to acquire the company that had said technology. Nikola repeatedly described the truck as being “in motion”, thus making vague whether the truck was moving under its own power. Further verification by Financial Times confirmed the claim regarding the truck rolling down a slope. Nikola stock fell by 10% that day, while General Motors stock fell by 4%. By September 12, Nikola stock had fallen by 36%.[48][49][22][50][51]

https://en.wikipedia.org/wiki/Nikola_Corporation

[Red Badger]

I’m shocked............................. no, really!..................... I mean, really, really!...............

[9YearLurker]

That fuel cost efficiency must have been a real draw for you!

[SunkenCiv]

The second vid I linked above is the one I watched all the way through without wandering in here, or off to get a sandwich. He's got a history of grift that's well summarized in that vid.

[SunkenCiv]

It was electrifying news.

[SunkenCiv]

Tesla JUST Destroyed Nikola in $2 BILLION Dollar Lawsuit

[SunkenCiv]

[some blue language] On September 30, 2020, 08:00 ET, Nikola dropped a bombshell about their future, and the funny part is they didn't mean to, it was a major screw up. On that date, NKLA published its so called "Nikola Executing Strategy and Vision to Deliver Innovative Technology, Energy and Transportation Solutions" plan. As part of this plan, they showed their next steps for the future of the company, or rather, lack thereof. In doing so, they neglected the Badger pickup truck and the Nikola One Semi Truck, meaning, they themselves, i.e., Nikola Motor Company, don't intend to make any, which is exactly what I was claiming all these months, allegedly, in my opinion, do your research... This is strictly my opinion, so do your own research and make up your own mind.

Tom Nash: Nikola Just Dropped a Bombshell about their Future

[Red Badger]

Nikola has been a scam from the beginning, apparently.

Elon Musk should sue...................