Nikola Corporation
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Company History
Founded 2014 in Phoenix, Arizona, United States
Nikola was founded in 2014 in Salt Lake City, Utah, by serial entrepreneur Trevor Milton, named in honor of electrical engineer Nikola Tesla (mirroring Elon Musk's Tesla). Milton envisioned bypassing battery-electric limitations by using pressurized hydrogen gas and fuel cells to power long-haul commercial semi-trucks with multi-hundred-mile range and rapid refueling. In 2016, Nikola unveiled the Nikola One prototype, followed by the Nikola Two and Nikola Tre. In June 2020, Nikola went public via a reverse merger with VectoIQ Acquisition Corp (a SPAC led by former GM Vice Chairman Steve Girsky), sending the company's valuation above $30 billion. However, in September 2020, short-seller Hindenburg Research published a bombshell report alleging extensive misrepresentations by Milton, including a 2018 video showing a non-functioning Nikola One truck rolling down an incline. Milton resigned, was indicted, and was convicted of fraud in October 2022. Nikola's board of directors, led by Steve Girsky, took decisive action: they overhauled executive leadership, settled with the SEC, and transformed Nikola from a hype-driven startup into a legitimate manufacturing enterprise, successfully launching the production-grade Nikola Tre FCEV in late 2023.
Trevor Milton was the founder and former Executive Chairman of Nikola Corporation. A charismatic promoter, Milton popularized the vision of zero-emission hydrogen trucking, taking Nikola public in June 2020 at a $30+ billion valuation. However, following an exhaustive investigative report by Hindenburg Research in September 2020, Milton resigned from Nikola amidst federal criminal investigations. In October 2022, Milton was convicted in federal court of wire fraud and securities fraud for making false statements regarding Nikola's technology. Nikola's subsequent leadership completely severed ties with Milton, reforming corporate governance and executing the legitimate manufacturing turnaround of the company.
Trevor Milton founded Nikola Motor Company in Salt Lake City, focusing on natural gas and hydrogen turbine powertrains for commercial semi-trucks.
Debuted the Nikola One hydrogen fuel cell sleeper semi-truck concept, moving headquarters to Phoenix, Arizona.
Listed on NASDAQ at a $30B+ valuation; plunged into crisis following Hindenburg Research report, leading to Trevor Milton's resignation.
Completed Phase 1 of its 500,000-sq-ft commercial vehicle manufacturing facility in Coolidge, Arizona.
Paid $125M SEC civil penalty to resolve past disclosures; founder Trevor Milton was convicted of fraud in federal court.
Steve Girsky took over as CEO; officially commenced series commercial production and customer deliveries of the Nikola Tre Hydrogen FCEV.
Opened modular and commercial HYLA hydrogen refueling stations in Ontario, Long Beach, and Santa Fe Springs, California.
Achieved annual commercial revenue past $120 million, scaling fleet deliveries to Biagi Bros, IMC Logistics, and J.B. Hunt.
Acquired energy storage and battery pack manufacturer to secure internal battery supply.
Since its establishment in 2014, Nikola Corporation expanded from an early-stage venture into a recognized leader in Zero-Emission Commercial Class 8 Semi-Trucks, Hydrogen Fuel Cell Electric Vehicles (FCEV) & Clean Energy Infrastructure (HYLA), overcoming key market challenges.
Over its history, Nikola Corporation executed decisive strategic pivots toward scalable monetization and digital distribution, securing its current market leadership.
By continually modernizing operations and embracing workflow automation, Nikola Corporation maintains resilience through changing technological and economic cycles.