Nikola Corp will start liquidating the assets of battery maker Romeo Power, the electric truck maker said on Monday, less than a year after buying it.
U.S. Nikola's logo is pictured at an event held to present CNH's new full-electric and Hydrogen fuel-cell battery trucks in partnership with U.S. Nikola event in Turin, Italy, December 3, 2019. REUTERS/Massimo Pinca/File Photowill start liquidating the assets of battery maker Romeo Power, the electric truck maker said on Monday, less than a year after buying it.
The company, which went public in 2020, has struggled to keep up with high expectations of early investors, amid inflated costs of commodities and tight access to capital over the past year.Romeo Power for about $144 million in stock, as it looked to jump-start efforts to make battery packs. "Nikola is discontinuing its operations with Romeo Power and has commenced a proceeding under the California Assignment for the Benefit of Creditors statutory scheme," a company spokesperson said in a statement on Monday.
Nikola's struggles mirror those at many other EV startups. British EV van maker Arrival earlier in the day
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