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We View Nikola’s Response as a Tacit Admission of Securities Fraud


Final week, we issued a account that presented intensive evidence of a litany of field topic incorrect statements made by Nikola’s Founder and Govt Chairman, Trevor Milton.

We integrated 53 questions at the conclude of our account that we inform shareholders deserve solutions to. The firm promised a corpulent level-by-level rebuttal, but then handiest responded to 10 of our questions.

Of those 10 responses, the firm debunked nothing. As a alternative it either confirmed or sidestepped almost every little thing we wrote about, and in some instances raised contemporary unanswered questions.

Nikola Did not Take care of 43 of our 53 Questions. Of Those It Touched On, It Largely Confirmed Our Findings or Raised Fresh Questions

Nikola Admitted That Its Fraudulent “Nikola One in Trip” Video Used to be, In Fact, Video of The Semi-Truck Simply Rolling Down A Hill.

The Company Says It By no scheme Claimed the Truck Used to be Powering Itself, Despite Fraudulent Editing and Claims That it Had “1,000 HP” With “Sports Performance”

In our account, we explained how the firm released a video known as “Nikola One in Trip”, which made it seem that its Nikola One semi-truck used to be traveling under its have power at a excessive fee of plod. Angles in the video were edited to invent it seem as although the semi used to be interesting on a roadway that used to be flat, or even uphill.

In Monday’s response, the firm acknowledged that its car used to be not functioning under its have power, and as a change, used to be it sounds as if simply showcasing the power of gravity. It claimed that the utilization of the timeframe “in circulate” dispelled the untrue nature of the video.

We disagree. Previous overall sense, the firm referred to the Nikola One as “the 1,000 HP, zero-emission Nikola One semi-truck” in the outline of its video. Clearly, the truck can’t personal 1,000 horsepower or even 1 horsepower if it doesn’t power itself.

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

Underneath the video are a chain of feedback that were answered by Nikola’s verified corporate Fb story.

In accordance with inquiries about the video, the firm confirmed the Nikola One had “over 1,000 HP” and “over 2,000 feet. lbs. of torque” and may doubtless per chance deal with a “7% grade, no field”. Readers would personal doubtless interpreted this as an ability to climb up a 7% grade hill, not roll down a extraordinarily steep hill.

The firm additionally urged one person: “…wait till you pressure it. Seems to be as if a luxury car with sports efficiency.”

Given the final public statements Nikola used to be making at the time, we evaluate the firm’s contemporary admission that the Nikola One used to be not powered by itself in the video as a tacit admission of securities fraud.

Nikola Claims the Nikola One Semi Used to be Now not A “Pusher” Because It Used to be Designed To Switch Underneath Its Accept as true with Energy Prepare. It Then Admits the Truck Didn’t Ever Switch The utilization of Its Accept as true with Energy Prepare.

Reminder: Nikola and Trevor Referred to The Nikola One As “Completely Purposeful”, “Completely Built”, “A Right Truck” And “Now not A Pusher” At Least 6 Times 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 functions and works…that is an exact truck—that isn’t very a pusher.” It later admitted that it used to be NOT fully functional to Bloomberg.

Nikola’s response the day gone by entirely failed to deal with Trevor’s incorrect statements claiming that the truck “fully functions and works”.

As a alternative, the heavily-lawyered language clumsily tried to redefine the timeframe “pusher”, suggesting that on story of Nikola hoped its non-functional car would work in the future, that it due to the this truth wasn’t a pusher at the time.

We take care of that Nikola’s contemporary legislation firm, Kirkland & Ellis, tried to enact their handiest with what they needed to work with. However, Trevor later helpfully outlined the timeframe “pusher” on video whereas emphatically denying that the truck fit his have definition:

This isn’t precise a pusher like a form of vehicles that they unveil [that] are precise vehicles that don’t genuinely characteristic. This would per chance be a very functioning car which is genuinely inconceivable.

With that definition in mind, we provide a reminder that Nikola and Trevor reassured investors that the Nikola One semi worked not lower than 6 instances:

  • Nikola known as the truck “functioning” and “fully built” on Twitter on October 16, 2016.
  • At the December 1, 2016 launch tournament, Trevor says: “This thing fully functions and works, which is genuinely inconceivable.”
  • He additionally acknowledged “We will personal a chain on the seats to dwell people from coming and precise for the protection. I don’t need anyone to wind up doing one thing and using this truck off the stage.”
  • Later at the same tournament, he insisted 3 instances that the truck used to be precise, mentioning “comprehend it’s precise”, “you’re going to glimpse that is an exact truck” and “that isn’t very a pusher”.
  • Trevor again acknowledged, in a video dated December 2, 2016: “this isn’t precise a pusher” and “that is a very functioning car”

Given Nikola’s admission that the truck considered in the video used to be not fully functioning, the above were all clearly statements that misled investors. In other words, these were outright lies.

Our Sage: Ragged Workers Told Us No Further Work Continued On The Nikola One After 2016 Even Though The Company Used to be Aloof Publicly Claiming In 2018 That the Nikola One Would Soon be Ready

Relating to the “Nikola One in Trip” video, a firm tweet in June 2018 acknowledged that “pre-manufacturing items (would) hit fleets in 2019 for discovering out” which used to be incorrect. Ragged workers urged us that no extra work continued on the Nikola One after the 2016 demonstration.

Repeat that a worn worker indicated to us that work on the Nikola One used to be deserted straight away after the preliminary expose, in December 2016.

The day earlier than this day, Nikola acknowledged that “it in the extinguish determined not to make investments extra sources into winding up the scheme to invent the Nikola One pressure by itself propulsion”, seemingly validating our findings.

Nikola’s decision to in the extinguish cease investment isn’t very the challenge; the firm’s failure to acknowledge that it had halted investment whereas telling investors work continued is the field, and represents but any other clear case of constructing knowingly misleading statements.

Our Sage: Nikola And Trevor Hyped A Letter of Intent to Execute Battery Expertise Company ZapGo. The Tech Became Out To Be Vaporware. After Nikola Realized This, They Continued To Hype It Anyway

Nikola’s Response: It Wasn’t ZapGo We Were Hyping. The Game Altering Battery Tech is Section of a Secret R&D Settlement We Can’t Present Any Small print On. Also, We Are The utilization of GM’s Battery Expertise for Some Reason

In our account, we identified that Nikola had presented the Nikola battery “prototype cell” and known as it “sport changing battery expertise” in November 2019. Trevor Milton additionally hyped it as expertise that can invent “diesel trucks worn for exact” on Twitter on November 18, 2019.

The firm firstly known as it “sport-changing” and “the pleasant type we personal considered in the battery world.” In Nikola’s response from the day gone by, then again, the expertise is now handiest described as “capacity battery expertise dispositions”.

Our account principal that the letter of intent with ZapGo used to be signed within 2 days of a tweet teasing the click launch on the battery expertise. The press launch then referenced the Letter of Intent, mentioning:

“Nikola entered into a letter of intent to construct a world-class battery engineering team.”

ZapGo used to be later accused by Nikola of fraud, incorrect representations, and failure to uncover that its President had been indicted for tax fraud.

Nikola’s have lawsuit indicated that it used to be made privy to those points on December 5, 2019, and we principal that Trevor continued to hype the firm’s battery expertise into February 2020.

Nikola formally terminated the settlement on February 26, 2020 and looks not to personal publicly discussed the field since, till the day gone by.

Now, Nikola has responded that Trevor’s statements referring to the firm’s battery expertise were associated to “an ongoing confidential R&D partnership with a main tutorial institution”.

It goes with out announcing that funding tutorial be taught isn’t very the same thing as buying a team of engineers, as the conventional “sport changing” announcement indicated.

The newly referenced tutorial partnership looks to had been first talked about in August 2020 in this YouTube video, the set apart Milton says about Nikola’s battery expertise: “It’s tied to a college that had developed the expertise. And we genuinely ended up licensing all of it and helping them fund it the final design thru.”

We requested Nikola to present dated agreements and paperwork that make stronger that the supposed secret partnership had been ongoing prior to the firm’s mid-November 2019 press launch.

We requested:

“Which university were you working with on the battery expertise, how grand did you fund them with, and precisely what personal you ever developed along with them to this level? Will you submit the settlement for all to glimpse?”

As a alternative we are met with extra vague solutions. The firm’s response equipped no particulars about the confidential R&D relationship that supposedly entails evolved battery expertise, and no indication of when it began. 

Our Sage: Trevor Claimed to Comprise Diminished the Ticket of Hydrogen By 81% Relative To Company And Used to be Producing 1,000 kg of Hydrogen Per Day At Nikola’s Headquarters

Nikola’s Response Confirmed That None of this Took space: “Nikola Continues to Deem that its Deliberate Hydrogen Space Network…Will Present Key Competitive Advantages.”

At Nikola World in December 2019 Trevor claimed on video that Nikola used to be producing 1,000 kilograms of hydrogen a day on space at his Phoenix headquarters:

In The USA we’ve already bought the pleasant hydrogen train in the western hemisphere at our headquarters. Can scheme over 1,000 kilograms a day on space.”

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

In an August 2020 interview with Fox Industry Information, when requested about the firm’s hydrogen, Trevor says:

“We saw an opportunity to raise the worth of hydrogen down going zero-emission and placing it on parity with diesel, and it’s the important time in historic previous that’s been ready to be performed, so it went from about $16/kg and we are down now under $4/kg.

In but any other interview on July 17, 2020, on the TeslaCharts podcast, Trevor claimed Nikola has been ready to “cut the worth of hydrogen from $16/kg appropriate down to – we’re down under $3/kg on our hydrogen now.”[1] [11:34].

Trevor’s claims adopted a years-long sample of hyping Nikola’s non-existent hydrogen community, in conjunction with this comment from 2018 in accordance with the Fb video of its “Nikola One In Trip”, publicly assuring readers that the firm had 8 hydrogen stations “going up appropriate now”:

As acknowledged by the firm’s observation Monday, it has no hydrogen community, and simply hopes to personal one in the future. This once extra strikes us as a tacit admission of securities fraud.

Our Sage: Trevor Milton Falsely Claimed In 2020 That Five Nikola Tre Trucks Were “Coming Off The Assembly Line Honest Now”

Bloomberg Corroborates: The Assembly Line Isn’t Finished

Nikola’s Response Tacks A 300 and sixty five days and A Half Onto Trevor’s Publicly Disclosed “Honest Now” Achievement, Announcing It Doesn’t Demand the Tre Till Q4 2021

Our be taught highlighted statements made by Trevor in July 2020 that 5 Nikola Tre trucks were coming off an meeting line in Germany. We confirmed in our account that none of the trucks had been carried out and that the meeting line itself had not been carried out.

Bloomberg has since confirmed our work, writing:

Those statements were a mischaracterization of Nikola and Iveco’s progress in Ulm, in step with two people acquainted with the topic. The meeting line is peaceable under construction and never but operational or constructing prototypes, the people acknowledged. There are prototypes being built by hand in a workshop, one among the people acknowledged.”

On Friday, in accordance with our account, Trevor tweeted photos of unfinished Nikola Tre trucks in a piece space that is clearly not an meeting line.

In its response on Monday morning, Nikola acknowledged:

“five trucks are at expose being built and commissioned in Ulm, Germany, and are pre-manufacturing builds”

This confirmed our normal account, in conjunction with feedback quoted by a Bosch spokesman, indicating the trucks were peaceable not carried out and had not rolled off an meeting line in July. Nikola then acknowledged that it expects the Tre to be “ready for manufacturing and accessible to potentialities by the fourth quarter of 2021.”

We evaluate this, once extra, as an admission that Trevor’s observation to investors in July used to be patently incorrect. Now not handiest were carried out trucks not rolling off an meeting line, but an meeting line hadn’t even been constructed. The trucks dwell uncompleted.

Our Sage: Nikola’s Enlighten E book Is Fluff, Including A ~$3.5 Billion Enlighten From A Company With Easiest $1.3 Million In Cash

Nikola’s Response: We Comprise an Enlighten From A Various Company, That We Hope To Commence up Deliveries On In Three Years

In our account we identified that the firm’s order book regarded to be filled with fluff, in conjunction with non-committal orders and orders the set apart capacity potentialities like Anheuser Busch personal extra than one ‘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 handiest $1.3 million in money accessible closing quarter.

Monday morning, the firm failed to deal with the challenge and simply reiterated that it had an order from but any other firm, Republic Services and products, that it hopes to delivery deliveries on three years from now.

We evaluate this as an admission that the firm’s order book used to be, genuinely, filled with fluff.

Our Sage: The Company’s Unveiling of Its NZT Off-Highway Vehicle Deceptively Presented a Mock-Up As if It Used to be Market-Ready. Following the “Unveiling” the Venture Used to be Then Outsourced for Redesign.

Nikola Spoke back By Re-Wording Our Statements Then Declaring The Reworded Statements to be Fraudulent

In our account, we described the ‘unveiling’ of the firm’s NZT off-avenue car at Nikola World in 2019. At the tournament, Trevor described the product as a fait accompli of its scheme team, announcing it “rivals some of the pleasant automotive engineering in the realm”.

We reported that the mannequin used to be genuinely not carried out, and that weeks later, Nikola scrapped the scheme and quietly outsourced the redesign to a firm known as Stellar Technique.

In response, Nikola reworded our statements referring to the firm’s NZT off-avenue car in order to order those faux statements were incorrect.

Nikola inaccurately acknowledged that we claimed the NZT “program” used to be scrapped after the Nikola World 2019 tournament. In actuality, we clearly acknowledged that this system continued, but that the scheme used to be outsourced to a third celebration known as Stellar Technique LLC.

Nikola failed to refute our level that it presented (once again) a non-functional “mock-up” of the NZT at Nikola World. We inform this represents a tacit admission that it’s NZT “expose” used to be a farce.

The firm additionally failed to level out Stellar Technique in its rebuttal despite our particular quiz asking about the relationship, which we inform underscores its lack of ability to scheme and innovate internally.

Our Sage: Why Would Trevor Appoint His Brother As “Director of Hydrogen Manufacturing/Infrastructure” Given He Had No Obvious Trip in Hydrogen Expertise?

Nikola’s Response: Travis Milton Ran A Building Industry

In our account, we principal that Trevor Milton appointed his youthful brother Travis to an area that required scientific expertise. We requested:

“Why did you appoint your brother Travis as “Director of Hydrogen Manufacturing/Infrastructure”? What expertise does he personal in hydrogen be taught and manufacturing?”

We extra requested:

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

The firm responded on Monday by claiming that Travis is devoted for this excessive-level scientific space on story of he beforehand worked in construction:

“Travis Milton beforehand owned and operated his have construction firm making ready him for hydrogen train infrastructure and buildouts.”

When faced with the same quiz, in a since-deleted Instagram rant addressing the quiz (we personal a reproduction), Trevor acknowledged:

“Why enact you give a shit? Sprint delivery your have firm—rent your have workers!”

Our questions to the firm alive to Travis’ contributions to Nikola’s claimed hydrogen breakthroughs, and his expertise with the major technical and scientific challenges of hydrogen manufacturing, storage and shipping.  Those questions dwell entirely unanswered.

Our Sage: Trevor Claimed On Video That Nikola’s Inverters Were Developed In House And That OEMs Were Asking To Exhaust Them. In The Similar Video He Is Showcasing An Inverter Manufactured By Cascadia With Holding Tape Holding Its Label.

Nikola’s Response: Admits This is Appropriate, Then Deflects by Vaguely Mentioning That the Company Has Been “Working on Its Accept as true with Inverters For Rather Some Time”

In our account, we identified that Trevor, on video, claimed that Nikola made its have inverters in-home, along with the final e-axle scheme and other key ingredients.

In the same video, Trevor reveals off an inverter that we learned is genuinely manufactured by Cascadia, with a share of shielding tape on the mark that concealed who genuinely made it.

The firm once extra admitted the claims in our account to be precise, and walked attend its claims that these inverters were Nikola’s proprietary psychological property by vaguely mentioning that it’s miles “engaged on” its have inverter:

“Nikola has been designing, engineering and working by itself inverters for moderately some time.”

The firm’s CEO, Designate Russell, extra walked attend the firm’s claims to personal superior proprietary expertise when pressed by reporters from the Financial Times on Friday:

“Asked about Mr. Milton’s order to personal the final ‘core’ expertise for its vehicles, Mr. Russell described the firm as an ‘integrator’, stitching together the a form of ingredients of its vehicles from a advanced present chain.

Russell’s admission clearly corroborates our have findings, and all of a sudden contradicts Trevor’s repeated claims of Nikola having superior proprietary psychological property.

The firm’s response on Monday morning declared that “at no time did Nikola train that the inverter on the prototype truck confirmed in the video used to be the Company’s.”  However obviously it ignores the actual fact that there is video proof, narrated by Milton himself:

“We enact the final e-axle scheme in home. The final gears, the instruments reductions. The thermal the cooling. Even the controls that creep along with it. And, additionally, the inverters as neatly. All inverters on the Nikola truck are doubtless a few of basically the most evolved application methods that I know of wherever in the automotive world. Why enact I know that? It’s on story of other OEMs are asking us to remark it.”

Why would OEMs be asking to remark an inverter that hadn’t even been developed? Furthermore, Trevor genuinely points to the supposed “in-home” inverter in quiz in the video:

Pictured: Trevor Milton’s finger, whereas he narrates a “In the attend of the Scenes” video, pointing at a Cascadia Inverter with maintaining tape over its mark, about 15 minutes prior to proclaiming Nikola makes all its have inverters.

Once extra, the firm admitted our findings were precise.

Now, moderately than defending its earlier incorrect claims to personal developed progressive proprietary expertise to be used in its vehicles and prototypes, Nikola now vaguely claims to be engaged on it.

Our Sage Presented Proof That Trevor Misled Capability Investors in a Predecessor Entity by Inflating a $16 Million Deal with Trucking Company Swift Actual into a $300 Million Deal.

Nikola Claims the Deal Would possibly Comprise Been $250 Million With Choices.

Swift Didn’t Hiss Those Choices And, As a alternative, Sued dHybrid Over Misrepresentations With its Usual $16 Million Deal.

In our account, we identified one among Trevor Milton’s early enterprise ventures, known as dHybrid, closed on a $16 million contract with Swift Transportation prior to being sued by Swift over allegations of offering it with trucks that didn’t work and of misappropriating capital for internal most remark.

Nikola writes off this portion of our account by inexplicably claiming that the settlement “has no connection with or association to Nikola.” This ignores the actual fact that Trevor Milton used to be dHybrid’s founder, besides to Nikola’s founder, worn CEO, important shareholder and most novel Govt Chairman.

Nikola additionally points out that that Swift Transportation had alternatives to invent future purchases from dHybrid for $250 million.

We confirmed a rush from an investor presentation claiming the contract to be $300 million, a clear inflation, by the firm’s have same old:

Actually, nowhere conclude to $250 million modified palms, then again. Swift sued dHybrid after an investment of about $2 million, alleging that the dHybrid trucks didn’t work and that officers of dHybrid misappropriated capital for internal most remark.

Nikola Did not Take care of 43 of Our 53 Questions

Their Silence on These Questions Be in contact Volumes

At the backside of our normal account, we equipped Nikola 53 questions it may per chance per chance doubtless per chance reply to clear the air for investors, the market and its stakeholders alike. Rather than answering them, Nikola handiest touched on 10 of them.

Despite claiming to personal learned “dozens” of inaccuracies with our account, Nikola’s response genuinely validated all of the points we raised. Underneath are the questions Nikola failed to even strive to deal with:

1. Sooner than pivoting to gas cells, you claimed that your Compressed Pure Gasoline (CNG) expertise used to be “10-15 years prior to any other OEM in gas efficiencies, MPG, and emissions”. Why did you abandon this supposedly progressive expertise moderately than promote it 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 reports and photos of the roof expose they don’t exist. The set apart did they creep?

Nikola’s response: NONE

3. You claimed Nikola owned its have pure gas wells, then re-affirmed that you just “peaceable personal them” when later requested what took space to them. Can you present any documentation proving Nikola owns/owned pure gas wells?

Nikola’s response: NONE

4. In 2018 you were sued by your worn CFO. What were the allegations in the complaint, which is now sealed?

Nikola’s response: NONE

5. What OEMs personal requested to remark “your” inverters in their products, as Trevor claimed on video?

Nikola’s response: NONE

6. You appointed your brother Travis as “Director of Hydrogen Manufacturing/Infrastructure”.        What expertise does he personal in hydrogen be taught and manufacturing?”

Nikola’s response: NONE

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

Nikola’s response: NONE

  1. After the Bloomberg share, you claimed on Twitter that there used to be a table with truck gears and ingredients sitting in front of the viewers for all to glimpse. The tournament used to be extensively documented—can you most novel evidence that this type of table existed in undeniable evaluate for the final viewers?

Nikola’s response: NONE

  1. Earn you suspect a table with gears sitting someplace would in any design invalidate your claims at the time that the truck “fully functions” when it used to be later confirmed that it didn’t?

Nikola’s response: NONE

  1. After lambasting Bloomberg’s reporter publicly, calling him a “deceiver” and announcing he may doubtless per chance fair peaceable be fired, then you definately promised the corpulent audio of the interview with Bloomberg would per chance be released. Why haven’t you released it but?

Nikola’s response: NONE

  1. Earn you suspect it’s wise to threaten to sue journalists for getting a story entirely precise?

Nikola’s response: NONE

  1. In August 2016, you claimed “Nikola has engineered the holy grail of the trucking enterprise”, pivoting to hydrogen from pure gas. Now that you just’ve got acknowledged the Nikola One wasn’t fully “engineered” at the time of the observation or the December expose, enact you are seeking to purchase this press launch in corpulent?

Nikola’s response: NONE

  1. Did the Nikola One truck personal hydrogen generators or Brayton CNG generators at the time of the demonstration in December? Used to be the fueling gadget hydrogen or CNG?

Nikola’s response: NONE

  1. Why did you insist precise two weeks prior to Nikola’s unexpected “pivot” to hydrogen that “CNG is the suitable scheme to creep” on Twitter whereas you were imminently planning to teach a switch?

Nikola’s response: NONE

  1. Did you personal an artist reach in and stencil “H2” and “Zero Emission Hydrogen Electric” on the side of the Nikola One despite the truck having pure gas ingredients installed?

Nikola’s response: NONE

  1. Earn you peaceable contain in mind the Nikola One to had been “fully functioning” despite needing to snake an electricity wire up thru the stage in order to power the otherwise entirely non-working car?

Nikola’s response: NONE

  1. Which Nikola workers knew about the “opinion” for the Nikola One in Trip video and which ones participated in growing it? Did those contain Kevin Lynk, your Chief Engineer?

Nikola’s response: NONE

  1. At the time, did you suspect pre-manufacturing items of the Nikola One would precise magically scheme themselves?

Nikola’s response: NONE

  1. In accordance with you, Nikola designs most things in-home. Did you outsource the redesign of the NZT to Stellar Technique?

Nikola’s response: NONE

  1. In October 2019, you teased a main battery step forward 2 days prior to signing a letter of intent with ZapGo. Then you definately announced that you just had revolutionized the battery enterprise, prior to realizing that it used to be vaporware and in the extinguish suing the firm. Why didn’t you precise the click launch or update your investors on the jam of the deal, which had fallen apart?

Nikola’s response: NONE

  1. In December 2019, Jason Roycht, your VP of Expertise Building, realized that ZapGo’s President had been indicted for fraud. He raised alarms about the firm’s relationship with Porsche, which he certain used to be overstated. Why did you hype the battery tech in February on Twitter despite already colorful of all these points?

Nikola’s response: NONE

  1. You formally terminated the settlement for the apparent “sport changing battery expertise” from ZapGo on February 26th, 2020. It is a ways now 6+ months later. Comprise you ever ever publicly acknowledged that this important deal fell apart?

Nikola’s response: NONE (till the day gone by, it sounds as if.)

  1. In August 2020 when namely puzzled about the deal by a Tesla fan, why didn’t you have interaction the opportunity to let people know that it had fallen thru?

Nikola’s response: NONE

  1. You claimed in an interview to personal succeeded at cutting the worth of hydrogen by ~81% from peers, mentioning “we’re down under $3/kg on our hydrogen now”. How grand hydrogen has Nikola produced at this imprint, 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 just scheme no hydrogen. Did you lie about producing hydrogen on camera to the final viewers at Nikola World?

Nikola’s response: NONE

  1. Why did you submit a video announcing the Nikola Two had long previous from 0-60mph in under 5 seconds when anyone with a stopwatch can glimpse that it took not lower than 10 seconds?

Nikola’s response: NONE

  1. Following the 0-60 video you promised to submit a genuine version of the video, announcing it used to be precise being edited. However you never did. Why? Does the Nikola Two personal as grand power as you’ve claimed it has?

Nikola’s response: NONE

  1. In the TeslaCharts podcast at the 40: 20 minute mark you acknowledged referring to hydrogen stations: “we’re gobbling up the pleasant areas appropriate now“. But your most novel quarterly account confirmed no precise estate resources with the exception of your most novel headquarters. The set apart precisely are these areas that you just’ve got been “gobbling up”? What number of personal you ever purchased already?

Nikola’s response: NONE

  1. What is the deal with up with your Coolidge facility construction? Comprise plans been submitted but and permits been received? Why is there almost no imprint of progress?

Nikola’s response: NONE

  1. Why enact you remark so grand time on social media struggling with your “haters” and threatening worn workers with litigation over NDA enforcement? Don’t you personal a manufacturing unit to invent and products to scheme?

Nikola’s response: NONE

31. Did you personal your service personnel traverse the country to conceal doubtlessly lethal defects with dHybrid’s product to conclude the deal with Worthington, as alleged by one among your worn workers on recorded audio?

Nikola’s response: NONE

  1. What used to be the rationale for Worthington’s later impairment of dHybrid and the write-off of $1.5 million in guarantee prices?

Nikola’s response: NONE

  1. In Would possibly well fair 2015, you represented in a legally binding contract with EVdrive to personal “contemporary and precious proprietary turbine expertise”. Months later, emails confirmed you were in discussions with Brayton to steal their generators. Did you personal any “contemporary and precious turbine expertise” at the time you represented having it?

Nikola’s response: NONE

  1. If that is so, what used to be it, and why did then you definately personal to steal turbine expertise from Brayton?

Nikola’s response: NONE

  1. Ought to you equipped your St. George Security & Alarms firm in an $300,000 deal, your minute enterprise accomplice, who acknowledged he had a 50/50 deal with you, handiest received ~$100,000, in step with him. Did you rating bigger than him despite having a 50/50 association?

Nikola’s response: NONE

  1. The purchaser of the fright enterprise acknowledged you misled him and that customer contracts and other provides fell thru submit-sale. What took space?

Nikola’s response: NONE

  1. How grand did you invent must you equipped the fright enterprise a second time? How grand of those proceeds did your obvious “50/50” enterprise accomplice procure?

Nikola’s response: NONE

  1. You claimed that had 80 million monthly active customers and that you just had beat Amazon to the browsing cart, despite launching in 2009. A worn worker known as the 80 million quantity “absurd”, and media articles at the time dispute the page views a ways lower. What evidence can you expose that you just had that preference of page views?

Nikola’s response: NONE

  1. Earn you perceive the secure browsing cart used to be invented 15 years earlier, in 1994?

Nikola’s response: NONE

  1. Swift filed a lawsuit against your firm dHybrid in mid-2012, alleging, among other things, that you just had mature its investment for internal most remark. Can you scheme monetary institution records exhibiting how you mature dHybrid funds? Did you divert funds to

Nikola’s response: NONE

  1. Did you order to sPower that you just had performed the dHybrid gadget and then misrepresent its results to them, as alleged in their lawsuit?

Nikola’s response: NONE

  1. Ought to you launched dHybrid Programs in 2012, why did you order in advertising and marketing and marketing provides to personal began the enterprise in 2011?

Nikola’s response: NONE

43. Comprise you ever ever deceived anyone?

Nikola’s response: NONE

Conclusion: Nikola’s Response Had Holes Enormous Sufficient to Roll a Truck Thru. We Stay Speedy Shares of Nikola Corp

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