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    Thread: Nikola Latest to Announce EV Pick-Up Truck

    1. Geriatric Member Air and water do mix's Avatar
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      09-15-2020 09:27 AM #51
      Quote Originally Posted by Reisner View Post
      Why not? It's not your money at this point. I say if investors want to put their money into this project, who are we to say otherwise? So long as there isn't fraud, let the market decide whether or not this endeavor is viable.
      Because "investors" means "governments". Government funded research is a huge part (likely the biggest part) of the funding for this, because politics.
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    3. Member turbinepowered's Avatar
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      09-15-2020 01:19 PM #52
      Quote Originally Posted by Air and water do mix View Post
      Because "investors" means "governments". Government funded research is a huge part (likely the biggest part) of the funding for this, because politics.
      It's also a contributor to why they are getting what private investment they are.

      Plus, any time something like this fails after a huge amount of hype for the tech, it press a fist right in the eye of similar techs that may have been more viable.

      Advertising and perception affect a lot more people than just the ones handing over the dollars, especially when the amount of money flowing is so large and so based on publicity.
      Quote Originally Posted by zukiphile View Post
      There is an area of a normal brain that lets the owner know the object works and needs to be left alone. Not all of us have it. It is like being colorblind.

    4. Member Nealric's Avatar
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      09-15-2020 04:49 PM #53
      DOJ has now joined the investigative party on Nikola.

      https://www.wsj.com/articles/justice...d=hp_lead_pos1

      Time to bring out the jam, because I think these guys are toast.

    5. Member HI SPEED's Avatar
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      09-16-2020 06:24 AM #54
      Quote Originally Posted by Nealric View Post
      DOJ has now joined the investigative party on Nikola.

      https://www.wsj.com/articles/justice...d=hp_lead_pos1

      Time to bring out the jam, because I think these guys are toast.

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      09-16-2020 01:06 PM #55
      Quote Originally Posted by DrivinAW8 View Post
      Right, so that’s kinda the key question here.

      Did GM really need to attach themselves (and their money, their shareholder’s money, and their reputation) to a company that kinda... doesn’t seem to have... anything?

      It’s one thing to get duped when someone promises you access to something you don’t have and couldn’t possibly create yourself. It’s another thing entirely when you yourself have actually developed the same tech (really, the only tech in this case) in your own house!
      I am guessing that Nikola may have presented GM a way to get a BEV division w/o creating one and spinning off it's BEV bits as many people are demanding. Ford with Rivian, GM with Nikola while both companies (Ford and GM) continue to develop their own BEV products.

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      09-16-2020 01:14 PM #56
      Quote Originally Posted by Lawrider View Post
      I am guessing that Nikola may have presented GM a way to get a BEV division w/o creating one and spinning off it's BEV bits as many people are demanding. Ford with Rivian, GM with Nikola while both companies (Ford and GM) continue to develop their own BEV products.
      someone said it best:

      From GMs point of view, they got one the best freebies ever. Nikola assumed that by giving up so much in partnership with GM, they would bank and make more money on the press. I mean look at what GM is getting:


      $700M in cash to build a production line that GM retains full ownership of.
      $2B to design a vehicle platform that GM retains full ownership of.
      Profit on the front end, as an exclusive major drivetrain component supplier
      Profit on the back end, thanks to a cost-plus nature of the contract
      Profit off all of Nikola's alleged other products (Class 7/8) trucks, as exclusive drive train supplier
      Most of Nikola's ZEV credits

      Its like the group project where someone offers to do all the work, just to brag that they hang out with the cool kids.

      https://www.reddit.com/r/finance/com...fraud/g5bo2cf/

    8. Member HI SPEED's Avatar
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      09-16-2020 07:19 PM #57
      Quote Originally Posted by Lucian1988 View Post
      someone said it best:

      From GMs point of view, they got one the best freebies ever. Nikola assumed that by giving up so much in partnership with GM, they would bank and make more money on the press. I mean look at what GM is getting:


      $700M in cash to build a production line that GM retains full ownership of.
      $2B to design a vehicle platform that GM retains full ownership of.
      Profit on the front end, as an exclusive major drivetrain component supplier
      Profit on the back end, thanks to a cost-plus nature of the contract
      Profit off all of Nikola's alleged other products (Class 7/8) trucks, as exclusive drive train supplier
      Most of Nikola's ZEV credits

      Its like the group project where someone offers to do all the work, just to brag that they hang out with the cool kids.

      https://www.reddit.com/r/finance/com...fraud/g5bo2cf/
      Or it could be construed as bribing a blue chip company to add an air of legitimacy to your fraud.

    9. Geriatric Member ValveCoverGasket's Avatar
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      09-16-2020 08:19 PM #58
      Quote Originally Posted by HI SPEED View Post
      Or it could be construed as bribing a blue chip company to add an air of legitimacy to your fraud.
      I'm voting for this as the most likely scenario.

    10. Senior Member Sporin's Avatar
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      09-21-2020 08:14 AM #59
      Uh oh

      Nikola Founder Trevor Milton Steps Down Amid Fraud Allegations
      It's a stunning reversal of fortune for Milton, who until recently was seen by many as the next Elon Musk.


      By Patrick George
      September 21, 2020



      @bypatrickgeorge

      In the span of just a few weeks, Trevor Milton went from being the youngest newcomer on Forbes' 400 Billionaires List to suddenly stepping down from Nikola Corporation, the electric and hydrogen truck startup he started, amid allegations that the company is an "intricate fraud."

      Milton announced early this morning that he would step down as Executive Chairman of Nikola and vacate his board seat. The move came 10 days after a financial research firm that had taken a short position in Nikola, Hindenburg Research, issued a detailed and scathing report that alleged Milton committed a number of fraudulent acts to help the company achieve its $20 billion valuation.

      Milton and Nikola refuted the firm's allegations, but not all of them. And in one statement, the company did admit it rolled a non-running truck down a hill for a misleading "in motion" video ad released in 2018. The U.S. Department of Justice and the Securities and Exchange Commission have both since opened investigations into the company.
      continues: https://www.thedrive.com/news/36576/...d=twittershare

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      09-21-2020 08:31 AM #60
      Quote Originally Posted by Sporin View Post
      Uh oh

      Nikola Founder Trevor Milton Steps Down Amid Fraud Allegations
      It's a stunning reversal of fortune for Milton, who until recently was seen by many as the next Elon Musk.




      continues: https://www.thedrive.com/news/36576/...d=twittershare


      Spotify, play "A Week Ago" by Jay-Z please.
      Quote Originally Posted by QUIRKiT View Post
      I spent my entire season budget during the off-season on go fast parts, so now I'm wishing I hadn't and had saved a little so I could buy a sim rig.

    12. Senior Member Sporin's Avatar
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      09-21-2020 08:41 AM #61
      Quote Originally Posted by CTK View Post


      Spotify, play "A Week Ago" by Jay-Z please.
      It's an article from today, he stepped down this morning.
      Last edited by Sporin; 09-21-2020 at 08:43 AM.

    13. Member HI SPEED's Avatar
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      09-21-2020 02:36 PM #62
      I was awake when the news broke, and headed over to their reddit page.

      Pretty sad to see the reactions of all the retail investors they conned.


      Sent from my iPad using Tapatalk

    14. 09-21-2020 02:41 PM #63
      The CEO is the same guy who said their infotainment runs on the most advance programming language and that it is a HTML5 supercomputer (or something like that to that effect).

      https://news.ycombinator.com/item?id=24515561

    15. Geriatric Member ValveCoverGasket's Avatar
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      09-21-2020 03:01 PM #64
      Quote Originally Posted by Sporin View Post
      Uh oh

      Nikola Founder Trevor Milton Steps Down Amid Fraud Allegations
      NOBODY could have seen this coming!



      just want to put this here for posterity

      https://forums.vwvortex.com/showthre...cell-quot-semi!


      or any number of nikola threads over the years. some of us have been calling bull**** on this place since day 1.

    16. Member Activ8's Avatar
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      09-21-2020 03:10 PM #65
      Quote Originally Posted by HI SPEED View Post
      I was awake when the news broke, and headed over to their reddit page. Pretty sad to see the reactions of all the retail investors they conned.
      No need to feel sorry - they could've done their research instead of following Pied Piper blindly. This was Vaporware 101 and that's what happens. Elaborate frauds of a more deceptive kind, I could empathise with, but straight out bull****? No way. The first indications came when he went and bought a $32million mansion in Utah after a round of VC funding. That's not a guy like Elon who risked personal bankruptcy into his businesses when he could've retired playing golf after PayPal. The folks who invested in Nikola were in it because of the speculative aspect - the hype was pushing stocks up and they were trying to make a quick buck.


      BTW latest update - the guy just got arrested at Phoenix airport ~

      From: Tech Crunch

      Nikola’s chairman steps down, stock crashes following allegations of fraud
      Matt [email protected] | 8:19 am EDT•September 21, 2020

      Image Credits: Nikola

      Update: News is breaking that Trevor Milton, Nikola Corp. founder and former executive chairman, was arrested by the DOJ and FBI at Sky Harbor Airport, in Phoenix, Arizona, this morning. This is so far unconfirmed.

      Nikola Corp. founder and Executive Chairman Trevor Milton is stepping down from the electric truck company effective immediately. This comes in the wake of a report from a noted short-seller accusing the company of fraud. Milton is succeeded by Stephen Girsky, a former General Motors executive who was already on the company’s board.

      Nikola company stock fell as far as 30% in pre-market trading, currently trading around $25 a share. Over the last few months, the stock experienced wild trading; at one time the stock hit $79 a share.

      “The focus should be on the company and its world-changing mission, not me. I intend to defend myself against false accusations leveled against me by outside detractors,” Milton said in a statement posted on Twitter.

      This month, Hindenburg Research, a short-seller, published a report alleging Nikola is misleading investors. Nikola refutes the claims.

      “These allegations by the short seller are false and misleading and designed to manipulate the market to profit from a manufactured decline in Nikola’s stock price,” Nikola said, following Hindenburg Research’s report.

      This report came on the heels of a significant deal for Nikola. The young automaker had just signed an agreement with General Motors that gave GM 11% ownership in the upstart in exchange for technology and assistance getting Nikola’s first model to market.

      Electric trucks, both consumer and commercial versions, are quickly becoming a battleground for automakers. The market is ripe for innovation, and incumbent automakers are looking for partners to kickstart operations. Ford, the leader in consumer trucks, sided with Michigan-based Rivian, which is helping develop electric vehicles for Ford. General Motors’ recent partnership with Nikola seemed smart at the time of its announcement. Still, now, after the Hindenburg report, the viability of the deal is in question, and with that, the future of GM’s electric pickup.

    17. Senior Member Sporin's Avatar
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      09-21-2020 03:28 PM #66
      fwiw, his team is denying he was arrested...

      https://twitter.com/search?q=trevor%...ypeahead_click

      This is a moving target, but at least twitter's got jokes...

      @UPBOptionMil

      Is that Trevor Milton arrest rumor real? I'm expecting something like this is a few minutes --->> Milton denies arrest.. says he's been driving 65 MPH in a Nikola One all morning

    18. Senior Member Sporin's Avatar
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      09-21-2020 03:31 PM #67
      Nikola founder Trevor Milton not arrested by DOJ, FBI [UPDATE]
      September 21, 2020 11:50 am
      Saman Iqbal


      UPDATE: Brian Sozzi, the editor at large of Yahoo Finance has confirmed the news that Trevor Milton has not been arrested.
      https://insiderpaper.com/trevor-milt...-social-media/

    19. Member
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      09-21-2020 03:44 PM #68
      Wikipedia has jokes too

      "Trevor Milton (born April 6, 1981) is a former American billionaire, "
      Quote Originally Posted by QUIRKiT View Post
      I spent my entire season budget during the off-season on go fast parts, so now I'm wishing I hadn't and had saved a little so I could buy a sim rig.

    20. Senior Member Sporin's Avatar
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      Yesterday 08:10 AM #69
      I wonder how this will effect VC funding for other EV startups?

      Have to really wonder about stuff like this...

      An Ultra-Secret Battery Startup Hints That It’s Blown Past Tesla — But Won’t Show the Goods
      Experts question the claim by QuantumScape, backed by $500 million from Bill Gates, Silicon Valley venture capitalists, and VW

      Steve LeVine

      https://marker.medium.com/an-ultra-s...s-2ed31173610d

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