The report outlined in devastating detail years of exaggerations, misstatements, and falsehoods coming out of Nikola’s corporate offices. The research firm alleged that Milton is nothing short of a conman. And all the major roles in the company are filled by employees who have no experience or background that would enable them to successfully do their jobs.
Keep in mind that Hindenburg Research has a financial motive. It is a well-known short-seller and has a “short” position in Nikola’s stock. If it will successfully discredit the company, it will make a lot of money. Nikola will lose dramatically.
Also, keep in mind that Nikola does have a working prototype–its newer Nikola Two truck. The company has several videos of outsiders being given test rides around a parking lot.
Nikola, GM statements
GM CEO Mary Barra, who announced the joint venture with Nikola last week, reassured shareholders that they performed a “thorough review of business, legal and technical matters” before they signed the deal.