Wednesday, 16 Sep 2020 02:27 PM MYTPHOENIX, Sept 16 — With its electric and hydrogen-fuelled trucks, the firm Nikola aims to revolutionise the future of the transportation sector.
Although it has not yet built anything, it has forged strategic partnerships with several renowned industrial groups including the German engineering giant Bosch, the Italians CNH Industrial and, most recently, US car-maker General Motors. But the investment company Hindenburg Research published a report on September 10 accusing the start-up of “intricate fraud” based on multiple lies by the company's founder Milton, who it said “misled partners into signing agreements by falsely claiming to have extensive proprietary technology.”Nikola immediately rejected the charges before issuing a more weighty statement of denial on Monday.
Nikola responded that it had “never stated its truck was driving under its own propulsion in the video” but had simply said that it had been “in motion.”The start-up's financial director Kim Brady called the report “offensive” to the company's partners. For Daniel Ives, an analyst at Wedbush, Nikola's future depends on how the group executes its strategy between now and 2023.
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