New report claims widespread deception by Nikola Motor and founder Trevor Milton

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stock market news

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A new report claims that zero-emissions vehicle startup Nikola Motor has made a series of deceptive public statements and representations about its technology and business. Allegations include that Nikola staged a 2018 video of its signature hydrogen fuel-cell truck driving, and that it has made deceptive claims about its battery development efforts after the failure of an acquisition deal.

The allegations come from Hindenburg Research, which has a short position in Nikola stock. But they follow previous reports of misrepresentations by Nikola, and broader expert skepticism about the company’s aggressive claims.

The Hindenburg report’s most striking claim is that a January 2018 video purportedly showing a Nikola One hydrogen fuel-cell semi truck moving under its own power was staged. According to Hindenburg, the video in fact showed the truck rolling down a long, gentle slope. Hindenburg’s report includes a test confirming that the section of road shown in the video could accelerate a coasting vehicle to highway speeds, along with text messages from a former Nikola employee appearing to confirm the tactics.

Given these claims, it is notable that…

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