Embattled EV maker Nikola files for Chapter 11 bankruptcy protection
1. Nikola Corp. filed for bankruptcy protection after failing to secure funding. 2. The company’s peak value was over $30 billion, now traded under $2. 3. Scandals involving former CEO Trevor Milton led to investor mistrust. 4. Only 600 vehicles produced since 2022; many recalled due to defects. 5. Nikola warns of cash depletion, adequate only until Q1 2025.