Electric Semi-Truck Maker Nikola Files for Bankruptcy

Electric vehicle startup Nikola has filed for Chapter 11 bankruptcy protection, and will soon begin selling off its assets as it looks to pay off an estimated $270 million in long-term debt. 

According to a February 19 release from Nikola, the company now has roughly $47 million in cash on-hand, and plans to provide “limited” service and support for trucks currently in use as the sale process plays out. That said, it’s unclear how the bankruptcy proceedings will impact companies using Nikola semi-trucks longer term. 

“In recent months, we have taken numerous actions to raise capital, reduce our liabilities, clean u…