Nikola: How to Parlay an Ocean of Lies
Hindenburg Research · 2020
"Hindenburg's claim: Nikola is an 'intricate fraud' built on false claims about its technology, including a truck rolling downhill in a video."
In 2020, Hindenburg Research accused Nikola Motors, a highly valued hydrogen-truck startup, of being an 'intricate fraud' built on staged demonstrations. Founder Trevor Milton resigned that year; Nikola paid $125 million to settle SEC charges, and in 2022 a jury convicted Milton of securities and wire fraud. He was pardoned in 2025.
Nikola famously released a promotional video showing their hydrogen semi-truck cruising down a highway. Hindenburg showed — and Nikola later acknowledged — that the truck wasn't moving under its own power; Nikola had simply towed the prototype to the top of a long, low-grade hill and filmed it rolling down by gravity. The report also alleged that components presented as Nikola's own designs were bought from third parties.
How was the promotional video of Nikola's hydrogen semi-truck actually filmed?
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- Outcome: Nikola founder sentenced for fraudCNBC
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