Prototype Nikola electric trucks were powered by hidden wall outlets, towed into position and hurtled down hills, prosecutors say – MarketWatch

Olé News ^ | July 29,2021

[Hojczyk]

Trevor Milton, 39, is accused of claiming his company had successfully made working prototypes of electric trucks and vans that would have shaken up the industry, when he had, in fact, never built anything.

“Basically, it’s a very simple case: Milton told lies to generate popular demand for his actions,” said Audrey Strauss, the US prosecutor for the Southern District of New York.

prosecutors said Milton had for years exaggerated the technological developments made by the company, claiming that it had built working prototypes of its Nikola One truck and Badger pickup truck from parts that the company had made entirely by itself.

“ To make the prototype truck look like it was driving, it was towed to the top of a hill and then rolled all the way down, prosecutors said. “

Prosecutors said that in fact the prototypes that had been unveiled did not work and were Frankenstein monsters cobbled together from parts of other vehicles. At public events, vehicles were towed into position and were powered by plugs from hidden wall outlets.

Prosecutors said that during the initial period after Nikola began public trading, Milton’s shares rose in value by $ 7 billion. After it emerged, the company was investigated, shares plummeted, causing many retail investors to lose tens or even hundreds of thousands of dollars, prosecutors said. In some cases, some investors have lost a substantial portion of their retirement savings, they said.

[Red Badger]

[Red Badger]

Yep...................

[Red Badger]

[sergeantdave]

An electric car that runs only going downhill. When I was a kid, my dad bought me one of those downhill vehicles, but it was called a peddle car. Pushing it uphill was a drag.