We Study inappropriate-test Nikola’s Response as a Tacit Admission of Securities Fraud

Final week, we issued a fantasy that equipped intensive proof of a litany of subject subject faux statements made by Nikola’s Founder and Govt Chairman, Trevor Milton.

We integrated fifty three questions about the close of our fantasy that we utilize shareholders deserve solutions to. The company promised a pudgy level-by-level rebuttal, but then fully responded to 10 of our questions.

Of these 10 responses, the firm debunked nothing. As every other it both confirmed or sidestepped almost about the entirety we wrote about, and in some instances raised new unanswered questions.

Nikola Did not Deal with 43 of our fifty three Questions. Of Those It Touched On, It Largely Confirmed Our Findings or Raised Fashioned Questions

Nikola Admitted That Its Faux “Nikola One in Circulation” Video Turned, In Truth, Video of The Semi-Truck Simply Rolling Down A Hill.

The Agency Says It Never Claimed the Truck Turned Powering Itself, No subject Faux Improving and Claims That it Had “1,000 HP” With “Sports Effectivity”

In our fantasy, we defined how the firm launched a video most ceaselessly known as “Nikola One in Circulation”, which made it appear that its Nikola One semi-truck changed into once traveling below its serve energy at a excessive charge of scamper. Angles in every single place in the video were edited to blueprint it appear like the semi changed into once moving on a roadway that changed into once flat, and even uphill.

In Monday’s response, the firm acknowledged that its vehicle changed into once not functioning below its serve energy, and as a replacement, changed into once curiously simply showcasing the energy of gravity. It claimed that the exercise of the term “in circulation” dispelled the wicked nature of the video.

We disagree. Past overall sense, the firm referred to the Nikola One as “the 1,000 HP, zero-emission Nikola One semi-truck” in every single place in the description of its video. Clearly, the truck can’t serve 1,000 horsepower and even 1 horsepower if it doesn’t energy itself.

On January 25, 2018, Nikola posted the identical video to its corporate Fb page.

Below the video are a series of feedback that were answered by Nikola’s verified corporate Fb memoir.

Basically constant with inquiries in regards to the video, the firm confirmed the Nikola One had “over 1,000 HP” and “over 2,000 feet. lbs. of torque” and can deal with a “7% grade, no subject”. Readers would serve without doubt interpreted this as a functionality to climb up a 7% grade hill, not roll down a extraordinarily steep hill.

The company also urged one particular person: “…wait till you energy it. Sounds like a luxury vehicle with sports actions actions efficiency.”

Given the overall public statements Nikola changed into once making on the time, we thought the firm’s new admission that the Nikola One changed into once not powered on its serve in every single place in the video as a tacit admission of securities fraud.

Nikola Claims the Nikola One Semi Turned No longer A “Pusher” Because It Turned Designed To Skedaddle Under Its Possess Vitality Build collectively. It Then Admits the Truck Didn’t Ever Skedaddle The utilization of Its Possess Vitality Build collectively.

Reminder: Nikola and Trevor Referred to The Nikola One As “Fully Purposeful”, “Fully Constructed”, “A Actual Truck” And “No longer A Pusher” At Least 6 Cases Between October 2016 and December 2016

As we wrote, in December 2016, the firm falsely claimed at Nikola World, on video, that the Nikola One “fully picks and works…ethical here’s a trusty truck—ethical here’s not a pusher.” It later admitted that it changed into once NOT fully purposeful to Bloomberg.

Nikola’s response the day sooner than lately fully failed to deal with Trevor’s faux statements claiming that the truck “fully picks and works”.

As every other, the heavily-lawyered language clumsily tried to redefine the term “pusher”, suggesting that attributable to Nikola hoped its non-purposeful vehicle would work in some unspecified time in the future, that it on myth of this fact wasn’t a pusher on the time.

We appreciate that Nikola’s new laws firm, Kirkland & Ellis, tried to create their most ambiance noble with what that they had to work with. On the reverse hand, Trevor later helpfully outlined the term “pusher” on video while emphatically denying that the truck match his serve definition:

This isn’t ethical a pusher like rather a complete bunch autos that they unveil [that] are ethical autos that don’t basically characteristic. Right here is a in level of fact functioning vehicle which is mostly inconceivable.

With that definition in mind, we provide a reminder that Nikola and Trevor reassured merchants that the Nikola One semi labored not decrease than 6 cases:

  • Nikola most ceaselessly known as the truck “functioning” and “fully constructed” on Twitter on October 16, 2016.
  • At the December 1, 2016 initiating match, Trevor says: “This thing fully picks and works, which is mostly inconceivable.”
  • He also acknowledged “We are succesful of serve a series on the seats to shut people from coming and ethical for the safety. I don’t want somebody to lastly existing doing one thing and using this truck off the stage.”
  • At this time the identical match, he insisted 3 cases that the truck changed into once trusty, declaring “perceive it’s trusty”, “you’re going to study ethical here’s a trusty truck” and “ethical here’s not a pusher”.
  • Trevor all every other time acknowledged, in a video dated December 2, 2016: “this isn’t ethical a pusher” and “ethical here’s a in level of fact functioning vehicle”

Given Nikola’s admission that the truck thought of in every single place in the video changed into once not fully functioning, the above were all clearly statements that misled merchants. In other words, these were outright lies.

Our Enlighten: Veteran Workers Suggested Us No Extra Work Persevered On The Nikola One After 2016 Even Even supposing The Agency Turned Restful Publicly Claiming In 2018 That the Nikola One Would Hastily be Ready

Referring to the “Nikola One in Circulation” video, a firm tweet in June 2018 acknowledged that “pre-manufacturing objects (would) hit fleets in 2019 for making an try out” which changed into once faux. Veteran workers urged us that no extra work persevered on the Nikola One after the 2016 demonstration.

Existing that an everyday employee indicated to us that work on the Nikola One changed into once abandoned straight after the preliminary level to, in December 2016.

The outdated day, Nikola acknowledged that “it in every single place in the close determined not to make investments extra sources into ending the direction of to blueprint the Nikola One energy on its serve propulsion”, apparently validating our findings.

Nikola’s resolution to in every single place in the close quit funding shouldn’t be to any extent extra the subject; the firm’s failure to acknowledge that it had halted funding while telling merchants work persevered is the subject, and represents every other determined case of making knowingly counterfeit statements.

Our Enlighten: Nikola And Trevor Hyped A Letter of Intent to Manufacture Battery Technology Agency ZapGo. The Tech Modified into Out To Be Vaporware. After Nikola Realized This, They Persevered To Hype It Anyway

Nikola’s Response: It Wasn’t ZapGo We Were Hyping. The Sport Altering Battery Tech is Share of a Secret R&D Settlement We Can’t Present Any Diminutive print On. Furthermore, We Are The utilization of GM’s Battery Technology for Some Cause

In our fantasy, we known that Nikola had launched the Nikola battery “prototype cell” and most ceaselessly known attributable to it “sport altering battery know-how” in November 2019. Trevor Milton also hyped it as know-how that may presumably well presumably blueprint “diesel vans veteran for perfect” on Twitter on November 18, 2019.

The company initially most ceaselessly known attributable to it “sport-altering” and “the absolute most efficient advancement now we serve thought of in every single place in the battery world.” In Nikola’s response from the day sooner than lately, then all every other time, the know-how is now fully described as “doable battery know-how dispositions”.

Our fantasy famed that the letter of intent with ZapGo changed into once signed inside 2 days of a tweet teasing the click initiating on the battery know-how. The clicking initiating then referenced the Letter of Intent, declaring:

“Nikola entered valid into a letter of intent to safe a world-class battery engineering crew.”

ZapGo changed into once later accused by Nikola of fraud, faux representations, and failure to clarify that its President had been indicted for tax fraud.

Nikola’s serve lawsuit indicated that it changed into once made responsive to these disorders on December 5, 2019, and we famed that Trevor persevered to hype the firm’s battery know-how into February 2020.

Nikola formally terminated the settlement on February 26, 2020 and appears not to serve publicly talked about the subject since, till the day sooner than lately.

Now, Nikola has responded that Trevor’s statements referring to the firm’s battery know-how were connected to “an ongoing confidential R&D partnership with a well-known tutorial establishment”.

It goes without pronouncing that funding tutorial peep shouldn’t be to any extent extra the identical thing as searching a crew of engineers, since the archaic “sport altering” announcement indicated.

The newly referenced tutorial partnership appears to were first talked about in August 2020 in this YouTube video, the serve Milton says about Nikola’s battery know-how: “It’s tied to a school that had developed the know-how. And we if fact learn ended up licensing all of it and helping them fund it the fat blueprint through.”

We asked Nikola to most recent dated agreements and bureaucracy that safe stronger that the supposed secret partnership had been ongoing sooner than the firm’s mid-November 2019 press initiating.

We asked:

“Which university were you working with on the battery know-how, how mighty did you fund them with, and precisely what serve you developed on the facet of them to this level? Will you post the settlement for all to study?”

As every other we’re met with more imprecise solutions. The company’s response equipped no diminutive print in regards to the confidential R&D relationship that supposedly entails developed battery know-how, and no indication of when it started. 

Our Enlighten: Trevor Claimed to Fetch Diminished the Fee of Hydrogen By 81% Relative To Friends And Turned Producing 1,000 kg of Hydrogen Per Day At Nikola’s Headquarters

Nikola’s Response Confirmed That None of this Came about: “Nikola Continues to Bear in mind that its Deliberate Hydrogen Discipline Neighborhood…Will Present Key Competitive Advantages.”

At Nikola World in December 2019 Trevor claimed on video that Nikola changed into once producing 1,000 kilograms of hydrogen a day on characteristic at his Phoenix headquarters:

In The the US we’ve already acquired the absolute most efficient hydrogen misfortune in every single place in the western hemisphere at our headquarters. Can create over 1,000 kilograms a day on characteristic.”

Subsequent to Nikola World, Trevor reiterated in diversified public interviews that he carried out fundamental breakthroughs in hydrogen manufacturing.

In an August 2020 interview with Fox Alternate Knowledge, when asked in regards to the firm’s hydrogen, Trevor says:

“We saw every other to lift the associated price of hydrogen down going zero-emission and hanging it on parity with diesel, and it’s the key time in historical previous that’s been in a jam to be executed, so it went from about $16/kg and we’re down now below $4/kg.

In every other interview on July 17, 2020, on the TeslaCharts podcast, Trevor claimed Nikola has been in a jam to “slice the associated price of hydrogen from $16/kg the entire device down to – we’re down below $3/kg on our hydrogen now.”[1] [11:34].

Trevor’s claims adopted a years-long sample of hyping Nikola’s non-existent hydrogen network, on the facet of this comment from 2018 in accordance to the Fb video of its “Nikola One In Circulation”, publicly assuring readers that the firm had 8 hydrogen stations “going up perfect now”:

As acknowledged by the firm’s assertion Monday, it has no hydrogen network, and simply hopes to serve one in every single place in the long race. This all every other time strikes us as a tacit admission of securities fraud.

Our Enlighten: Trevor Milton Falsely Claimed In 2020 That Five Nikola Tre Autos Were “Coming Off The Meeting Line Appropriate Now”

Bloomberg Corroborates: The Meeting Line Isn’t Applied

Nikola’s Response Tacks A Year and A Half Onto Trevor’s Publicly Disclosed “Appropriate Now” Success, Announcing It Doesn’t Join a question to the Tre Till Q4 2021

Our peep highlighted statements made by Trevor in July 2020 that 5 Nikola Tre vans were coming off an assembly line in Germany. We confirmed in our fantasy that none of the vans had been carried out and that the assembly line itself had not been carried out.

Bloomberg has since confirmed our work, writing:

Those statements were a mischaracterization of Nikola and Iveco’s construction in Ulm, in accordance to two people responsive to the subject. The assembly line consists below building and not but operational or building prototypes, the people acknowledged. There are prototypes being constructed by hand in a workshop, one within the entire people acknowledged.”

On Friday, in accordance to our fantasy, Trevor tweeted images of unfinished Nikola Tre vans in a bit home that’s clearly not an assembly line.

In its response on Monday morning, Nikola acknowledged:

“5 vans are for the time being being constructed and commissioned in Ulm, Germany, and are pre-manufacturing builds”

This confirmed our fashioned fantasy, on the facet of feedback quoted by a Bosch spokesman, indicating the vans were tranquil not carried out and had not rolled off an assembly line in July. Nikola then acknowledged that it expects the Tre to be “racy for manufacturing and on hand to potentialities by the fourth quarter of 2021.”

We thought this, all every other time, as an admission that Trevor’s assertion to merchants in July changed into once patently faux. No longer fully were carried out vans not rolling off an assembly line, but an assembly line hadn’t even been constructed. The vans remain uncompleted.

Our Enlighten: Nikola’s Level to Book Is Fluff, Including A ~$3.5 Billion Level to From A Agency With Top $1.3 Million In Money

Nikola’s Response: We Fetch an Level to From A Varied Agency, That We Hope To Commence Deliveries On In Three Years

In our fantasy we known that the firm’s dispute e e book regarded as if it could truly be stuffed with fluff, on the facet of non-committal orders and orders the serve doable potentialities like Anheuser Busch serve a pair of ‘outs’.

We confirmed that U.S. Xpress reportedly accounts for a Third of its reservations, representing ~$3.5 billion in orders, but U.S. Xpress had fully $1.3 million in money on hand final quarter.

Monday morning, the firm failed to deal with the subject and simply reiterated that it had an dispute from every other firm, Republic Services and products, that it hopes to initiating out up deliveries on three years from now.

We thought this as an admission that the firm’s dispute e e book changed into once, essentially, stuffed with fluff.

Our Enlighten: The Agency’s Unveiling of Its NZT Off-Boulevard Automotive Deceptively Launched a Mock-Up As if It Turned Market-Ready. Following the “Unveiling” the Mission Turned Then Outsourced for Redesign.

Nikola Answered By Re-Wording Our Statements Then Declaring The Reworded Statements to be Inaccurate

In our fantasy, we described the ‘unveiling’ of the firm’s NZT off-avenue vehicle at Nikola World in 2019. At the match, Trevor described the product as a fait accompli of its private crew, pronouncing it “rivals one of perchance the most most absolute most efficient vehicle engineering in every single place in the sphere”.

We reported that the mannequin changed into once basically not carried out, and that weeks later, Nikola scrapped the mannequin and quietly outsourced the redesign to a firm most ceaselessly known as Stellar Approach.

In response, Nikola reworded our statements referring to the firm’s NZT off-avenue vehicle in voice to expose these faux statements were faux.

Nikola inaccurately acknowledged that we claimed the NZT “program” changed into once scrapped after the Nikola World 2019 match. In genuine fact, we clearly acknowledged that this design persevered, but that the private changed into once outsourced to a Third celebration most ceaselessly known as Stellar Approach LLC.

Nikola failed to refute our level that it equipped (all every other time) a non-purposeful “mock-up” of the NZT at Nikola World. We utilize this represents a tacit admission that it’s NZT “level to” changed into once a farce.

The company also failed to recount Stellar Approach in its rebuttal no subject our existing request asking in regards to the relationship, which we utilize underscores its incapacity to private and innovate internally.

Our Enlighten: Why Would Trevor Appoint His Brother As “Director of Hydrogen Manufacturing/Infrastructure” Given He Had No Glaring Ride in Hydrogen Technology?

Nikola’s Response: Travis Milton Ran A Progress Alternate

In our fantasy, we famed that Trevor Milton appointed his younger brother Travis to a characteristic that required scientific time out. We asked:

“Why did you appoint your brother Travis as “Director of Hydrogen Manufacturing/Infrastructure”? What time out does he serve in hydrogen peep and manufacturing?”

We extra asked:

“What would you convey are Travis’ key contributions to Nikola’s alleged step ahead dispositions in hydrogen manufacturing?”

The company responded on Monday by claiming that Travis is certified for this excessive-stage scientific characteristic attributable to he beforehand labored in building:

“Travis Milton beforehand owned and operated his serve building firm making racy him for hydrogen misfortune infrastructure and buildouts.”

When confronted with the identical request, in a since-deleted Instagram rant addressing the request (now we serve a reproduction), Trevor acknowledged:

“Why create you give a shit? Skedaddle initiating your serve firm—hire your serve workers!”

Our questions to the firm alive to Travis’ contributions to Nikola’s claimed hydrogen breakthroughs, and his time out with the fairly hundreds of technical and scientific challenges of hydrogen manufacturing, storage and transport.  Those questions remain fully unanswered.

Our Enlighten: Trevor Claimed On Video That Nikola’s Inverters Were Developed In Home And That OEMs Were Asking To Make exercise of Them. In The The same Video He Is Showcasing An Inverter Manufactured By Cascadia With Overlaying Tape Overlaying Its Designate.

Nikola’s Response: Admits Right here is Appropriate, Then Deflects by Vaguely Pointing out That the Agency Has Been “Engaged on Its Possess Inverters For Barely Some Time”

In our fantasy, we known that Trevor, on video, claimed that Nikola made its serve inverters in-living, alongside with the fat e-axle private and other key substances.

Contained within the identical video, Trevor reveals off an inverter that we learned is thoroughly manufactured by Cascadia, with a share of defending tape on the attach that concealed who basically made it.

The company all every other time admitted the claims in our fantasy to be ethical, and walked aid its claims that these inverters were Nikola’s proprietary intellectual property by vaguely declaring that it’s far “engaged on” its serve inverter:

“Nikola has been designing, engineering and engaged on its serve inverters for rather some time.”

The company’s CEO, Designate Russell, extra walked aid the firm’s claims to serve tremendous proprietary know-how when pressed by journalists from the Monetary Cases on Friday:

“Requested about Mr. Milton’s demonstrate to serve the fat ‘core’ know-how for its autos, Mr. Russell described the firm as an ‘integrator’, stitching collectively the rather just a few substances of its autos from a appreciate most recent chain.

Russell’s admission clearly corroborates our serve findings, and straight contradicts Trevor’s repeated claims of Nikola having tremendous proprietary intellectual property.

The company’s response on Monday morning declared that “at no time did Nikola narrate that the inverter on the prototype truck confirmed in every single place in the video changed into once the Agency’s.”  On the opposite hand pointless to vow it ignores the actual fact that there is video proof, narrated by Milton himself:

“We create the fat e-axle private in living. The overall gears, the equipment reductions. The thermal the cooling. Even the controls that lunge alongside with it. And, also, the inverters as efficiently. All inverters on the Nikola truck are potentially one of perchance the most most most developed tool techniques that I private know of wherever in every single place in the vehicle world. Why create I private know that? It’s attributable to other OEMs are asking us to safe exercise of it.”

Why would OEMs be asking to safe exercise of an inverter that hadn’t even been developed? Furthermore, Trevor basically picks to the supposed “in-living” inverter in request in every single place in the video:

Pictured: Trevor Milton’s finger, while he narrates a “Slow the Scenes” video, pointing at a Cascadia Inverter with asserting tape over its attach, about 15 minutes earlier than proclaiming Nikola makes all its serve inverters.

All all every other time, the firm admitted our findings were honest.

Now, barely than defending its outdated faux claims to serve developed innovative proprietary know-how for exercise in its autos and prototypes, Nikola now vaguely claims to be engaged on it.

Our Enlighten Launched Evidence That Trevor Misled Seemingly Patrons in a Predecessor Entity by Inflating a $16 Million Place out Trucking Agency Swift Precise into a $300 Million Deal.

Nikola Claims the Deal Also can presumably smartly Fetch Been $250 Million With Alternate picks.

Swift Didn’t Tell Those Alternate picks And, As every other, Sued dHybrid Over Misrepresentations With its Frequent $16 Million Deal.

In our fantasy, we known one amongst Trevor Milton’s early industrial ventures, most ceaselessly known as dHybrid, closed on a $16 million contract with Swift Transportation earlier than being sued by Swift over allegations of offering it with vans that didn’t work and of misappropriating capital for private exercise.

Nikola writes off this share of our fantasy by inexplicably claiming that the settlement “has no reference to or affiliation to Nikola.” This ignores the actual fact that Trevor Milton changed into once dHybrid’s founder, to boot to Nikola’s founder, gentle CEO, most most fundamental shareholder and most current Govt Chairman.

Nikola also picks out that that Swift Transportation had picks to blueprint future purchases from dHybrid for $250 million.

We confirmed a scuttle from an investor presentation claiming the contract to be $300 million, a particular inflation, by the firm’s serve identical outdated:

Surely, nowhere attain $250 million modified palms, then all every other time. Swift sued dHybrid after an funding of about $2 million, alleging that the dHybrid vans didn’t work and that officers of dHybrid misappropriated capital for private exercise.

Nikola Did not Deal with 43 of Our fifty three Questions

Their Silence on These Questions Kind out Volumes

At the backside of our fashioned fantasy, we equipped Nikola fifty three questions it will also presumably presumably presumably reply to determined the air for merchants, the market and its stakeholders alike. As every other of answering them, Nikola fully touched on 10 of them.

No subject claiming to serve learned “dozens” of inaccuracies with our fantasy, Nikola’s response if fact learn validated all of the disorders we raised. Under are the questions Nikola failed to even are trying to deal with:

1. Earlier than pivoting to gas cells, you claimed that your Compressed Natural Gas (CNG) know-how changed into once “10-15 years earlier than every other OEM in gas efficiencies, MPG, and emissions”. Why did you abandon this supposedly innovative know-how barely than promote for billions of greenbacks?

Nikola’s response: NONE

2. You claimed that Nikola’s headquarters has 3.5 MW of photo voltaic panels on the roof, but later media experiences and photos of the roof veil they don’t exist. The serve did they lunge?

Nikola’s response: NONE

3. You claimed Nikola owned its serve pure gas wells, then re-affirmed that you simply “tranquil serve them” when later asked what took characteristic to them. Can you most recent any documentation proving Nikola owns/owned pure gas wells?

Nikola’s response: NONE

4. In 2018 you were sued by your gentle CFO. What were the allegations in every single place in the criticism, which is now sealed?

Nikola’s response: NONE

5. What OEMs serve asked to safe exercise of “your” inverters of their merchandise, as Trevor claimed on video?

Nikola’s response: NONE

6. You appointed your brother Travis as “Director of Hydrogen Manufacturing/Infrastructure”.        What time out does he serve in hydrogen peep and manufacturing?”

Nikola’s response: NONE

7. What would you convey are Travis’ key contributions to Nikola’s alleged step ahead dispositions in hydrogen manufacturing?

Nikola’s response: NONE

  1. After the Bloomberg share, you claimed on Twitter that there changed into once a desk with truck gears and substances sitting in front of the viewers for all to study. The match changed into once widely documented—are you ready to illustrate proof that this private of desk existed in easy thought for the overall viewers?

Nikola’s response: NONE

  1. Join you suspect a desk with gears sitting someplace would in any love invalidate your claims on the time that the truck “fully picks” when it changed into once later confirmed that it didn’t?

Nikola’s response: NONE

  1. After lambasting Bloomberg’s reporter publicly, calling him a “deceiver” and pronouncing he have to tranquil constantly be fired, then you definately promised the pudgy audio of the interview with Bloomberg can also presumably be launched. Why haven’t you launched it but?

Nikola’s response: NONE

  1. Join you suspect it’s sensible to threaten to sue journalists for getting a fantasy fully honest?

Nikola’s response: NONE

  1. In August 2016, you claimed “Nikola has engineered the holy grail of the trucking industrial”, pivoting to hydrogen from pure gas. Now that you simply’ve got acknowledged the Nikola One wasn’t fully “engineered” on the time of the assertion or the December veil, create you get to catch this press initiating in pudgy?

Nikola’s response: NONE

  1. Did the Nikola One truck serve hydrogen mills or Brayton CNG mills on the time of the demonstration in December? Turned the fueling machine hydrogen or CNG?

Nikola’s response: NONE

  1. Why did you convey ethical two weeks earlier than Nikola’s surprising “pivot” to hydrogen that “CNG is lunge” on Twitter everytime you happen to were imminently planning to convey a metamorphosis?

Nikola’s response: NONE

  1. Did you’ve got gotten an artist attain in and stencil “H2” and “Zero Emission Hydrogen Electrical” on the facet of the Nikola One no subject the truck having pure gas substances installed?

Nikola’s response: NONE

  1. Join you tranquil attach in mind the Nikola One to were “fully functioning” no subject desiring to snake an electrical energy wire up throughout the stage in voice to energy the in every other case fully non-working vehicle?

Nikola’s response: NONE

  1. Which Nikola workers knew in regards to the “realizing” for the Nikola One in Circulation video and which of them participated in rising it? Did these encompass Kevin Lynk, your Chief Engineer?

Nikola’s response: NONE

  1. At the time, did you suspect pre-manufacturing objects of the Nikola One would ethical magically create themselves?

Nikola’s response: NONE

  1. Basically based mostly on you, Nikola designs most concerns in-living. Did you outsource the redesign of the NZT to Stellar Approach?

Nikola’s response: NONE

  1. In October 2019, you teased a most most fundamental battery step ahead 2 days earlier than signing a letter of intent with ZapGo. Then you in actuality launched that you simply had revolutionized the battery industrial, earlier than realizing that it changed into once vaporware and in every single place in the close suing the firm. Why didn’t you honest the click initiating or replace your merchants on the jam of the deal, which had fallen apart?

Nikola’s response: NONE

  1. In December 2019, Jason Roycht, your VP of Technology Sample, realized that ZapGo’s President had been indicted for fraud. He raised alarms in regards to the firm’s relationship with Porsche, which he determined changed into once overstated. Why did you hype the battery tech in February on Twitter no subject already intellectual of all these disorders?

Nikola’s response: NONE

  1. You formally terminated the settlement for the glaring “sport altering battery know-how” from ZapGo on February 26th, 2020. It be some distance now 6+ months later. Fetch you ever publicly acknowledged that this most most fundamental deal fell apart?

Nikola’s response: NONE (till the day sooner than lately, curiously.)

  1. In August 2020 when particularly questioned in regards to the deal by a Tesla fan, why didn’t you utilize the replacement to let people know that it had fallen through?

Nikola’s response: NONE

  1. You claimed in an interview to serve succeeded at chopping the associated price of hydrogen by ~81% from chums, declaring “we’re down below $3/kg on our hydrogen now”. How mighty hydrogen has Nikola produced at this price, if any?

Nikola’s response: NONE

  1. At Nikola World 2019 you claimed on video to be producing 1,000 kg of hydrogen per day at your headquarters. When pressed by a reporter, you later admitted that you simply create no hydrogen. Did you lie about producing hydrogen on camera to the overall viewers at Nikola World?

Nikola’s response: NONE

  1. Why did you post a video pronouncing the Nikola Two had long gone from 0-60mph in below 5 seconds when somebody with a stopwatch can ogle that it took not decrease than 10 seconds?

Nikola’s response: NONE

  1. Following the 0-60 video you promised to post a abundant mannequin of the video, pronouncing it changed into once ethical being edited. On the opposite hand you never did. Why? Does the Nikola Two operate mighty energy as you’ve claimed it has?

Nikola’s response: NONE

  1. Contained within the TeslaCharts podcast on the 40: 20 minute tag you acknowledged referring to hydrogen stations: “we’re gobbling up the absolute most efficient areas perfect now“. Yet your most current quarterly fantasy confirmed no trusty property sources other than your most current headquarters. The serve precisely are these areas that you simply’ve got been “gobbling up”? What resolution of serve you sold already?

Nikola’s response: NONE

  1. What’s the lengthen alongside with your Coolidge facility building? Fetch plans been submitted but and permits been acquired? Why is there almost about no attach of construction?

Nikola’s response: NONE

  1. Why create you utilize so mighty time on social media struggling alongside with your “haters” and inappropriate gentle workers with litigation over NDA enforcement? Don’t you’ve got gotten a producing facility to assemble and merchandise to create?

Nikola’s response: NONE

31. Did you’ve got gotten your provider personnel traverse the nation to veil potentially fatal defects with dHybrid’s product to shut the defend conclude care of Worthington, as alleged by one for your complete gentle workers on recorded audio?

Nikola’s response: NONE

  1. What changed into once the reason for Worthington’s later impairment of dHybrid and the write-off of $1.5 million in guarantee prices?

Nikola’s response: NONE

  1. In Also can presumably smartly simply 2015, you represented in a legally binding contract with EVdrive to serve “new and excellent proprietary turbine know-how”. Months later, emails confirmed you were in discussions with Brayton to grab their mills. Did you’ve got gotten any “new and excellent turbine know-how” on the time you represented having it?

Nikola’s response: NONE

  1. In that case, what changed into once it, and why did then you definately want to grab turbine know-how from Brayton?

Nikola’s response: NONE

  1. Must you offered your St. George Security & Alarms firm in an $300,000 deal, your diminutive industrial accomplice, who acknowledged he had a 50/50 defend conclude care of you, fully acquired ~$100,000, in accordance to him. Did you web bigger than him no subject having a 50/50 scheme?

Nikola’s response: NONE

  1. The user of the dismay industrial acknowledged you misled him and that purchaser contracts and other deals fell through post-sale. What took characteristic?

Nikola’s response: NONE

  1. How mighty did you blueprint everytime you happen to offered the dismay industrial a 2d time? How mighty of these proceeds did your glaring “50/50” industrial accomplice acquire?

Nikola’s response: NONE

  1. You claimed that uPillar.com had 80 million month-to-month though-provoking possibilities and that you simply had beat Amazon to the searching cart, no subject launching in 2009. A delicate-weight employee most ceaselessly known because the 80 million quantity “absurd”, and media articles on the time divulge the page views some distance decrease. What proof are you ready to veil that you simply had that quantity of page views?

Nikola’s response: NONE

  1. Join the salvage searching cart changed into once invented 15 years earlier, in 1994?

Nikola’s response: NONE

  1. Swift filed a lawsuit in opposition to your firm dHybrid in mid-2012, alleging, amongst other concerns, that you simply had veteran its funding for private exercise. Can you create financial establishment files showing the device in which you veteran dHybrid funds? Did you divert funds to uPillar.com?

Nikola’s response: NONE

  1. Did you demonstrate to sPower that you simply had executed the dHybrid machine after which misrepresent its outcomes to them, as alleged of their lawsuit?

Nikola’s response: NONE

  1. Must you launched dHybrid Applications in 2012, why did you demonstrate in promoting and marketing and marketing materials to serve started the industrial in 2011?

Nikola’s response: NONE

43. Fetch you ever deceived somebody?

Nikola’s response: NONE

Conclusion: Nikola’s Response Had Holes Mountainous Enough to Roll a Truck Thru. We Live Brief Shares of Nikola Corp

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