One of the former shareholders of Tesla, a company trying to compete with electric pickups, said its founder, Trevor Milton, was a fraud and that the company’s advertising was based on lies.
Based on these allegations, the same accusations were made by the analytical company Hindenburg Research. She posted a report on Nikola’s fraud on her own website.
It is clear from the publication that Milton has appointed his brother Travis as head of the hydrogen production unit, although he has neither the necessary qualifications nor experience in this field.
In addition, the brand’s advertising is based on fraud: it is alleged that the Nikola One pickup, declared an innovative vehicle, is not able to move on its own, so it had to be lowered down the slope to shoot the video in order to create a motion effect.
Hindenburg Research also called Trevor Milton’s claims that Nikola managed to reduce the cost of hydrogen production by 81% compared to analogues to be false.
In fact, the company hasn’t even started producing it. It also turns out to be a hoax that the main components of the trucks are Nikola’s own development. In fact, the startup bought components from other companies and sealed their names for the video.
The former shareholder also commented on the latest news about the strategic partnership between Nikola and General Motors. Hindenburg Research believes that only Nikola, which has gained access to the technology of one of the largest automakers, will benefit from this agreement.
It will be recalled that Nikola’s shares rose by 50 percent against the background of the announcement of a partnership with General Motors, but fell by 11 percent after the publication of allegations of fraud. Today, the company’s capitalization is $ 14.2 billion. This is twice as high as, for example, Renault.