Nikola Founder Trevor Milton denies allegations of fraud amid GM merger and SEC, DOJ investigations


The research firm also alleged that in January 2018, Nikola employees, directed by Milton, manufactured the illusion that the Nikola One was functional using creative video work and downhill on a stretch of road in Grantsville, Utah.

Nikola built its reputation on being the first hydrogen-powered vehicles. The Hindenburg report stated that Nikola is another case of smoke-and-mirrors. The research firm claimed that all of Milton’s public statements that his company has built a state of the art hydrogen processing plant were blatantly false.

For example in December 2019 at Nikola World, Milton claimed on video that they were already producing 1,000 kilograms of hydrogen a day at their Phoenix headquarters. 

One of the keys to Nikola’s success so far is that they supposedly figured out how to cut the cost of hydrogen fuel from the current market price of $16 per kilogram to below $4 per kilogram. Again, Hindenburg Research claimed there have been no breakthroughs in hydrogen, no hydrogen produced by Nikola, and most certainly no vehicle that is running on any kind of hydrogen fuel.