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

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Nikola also released a press release, “Nikola Sets the Record Straight on False and Misleading Short Seller Report.” The company admitted that the Nikola One prototype was never functional. Not in 2016 or 13 months later in the video.

So what about that video of the Nikola One driving in Utah? 

“Nikola never stated its truck was driving under its own propulsion in the video,” per the statement. No one ever said it was moving “under its own propulsion” or “powertrain driven.”

Nikola is making a point that the company now has a functional prototype of the truck’s successor, the Nikola Two. The GM announcement also made it clear that they will build Nikola’s Badger pickup truck.

Investors and customers may be a little confused right now since Milton wasn’t honest about the Nikola One truck. They may be wondering how functional Nikola Two is and if this has anything to do with hydrogen anymore.

Investigations underway

The Justice Department joined the SEC in investigating Hindenburg Research’s’ allegations. The regulators are looking into the charge that Nikola misled investors by exaggerating its technology.