Nikola Motors issues response to short-seller’s ‘fraud’ claim

Fox Business | Sep 14, 2020 at 3:38 PM
  • Nikola Motors has issued a response to a scathing note from short-seller Hindenburg Research last Thursday that precipitated a dramatic drop in the startup automaker’s stock price.
  • Two days after Phoenix-based Nikola announced it was giving General Motors an 11% stake worth $2 billion in exchange for the manufacture of a proposed hydrogen-electric pickup along with the supply of GM fuel cell technology for Nikola’s semi-trucks, Hindenburg called Nikola “an intricate fraud built on dozens of lies”.
  • Nikola also pointed to a statement made by automotive supplier Bosch on Friday that one of its employee’s quotes in the report, which was presented by Hindenberg to throw cold water on Nikola’s assertion about the status of one of its vehicles in development, was taken out of context.