Nikola Corporation is a U.S. commercial vehicle company focused on zero-emission trucking. It developed battery-electric and hydrogen fuel-cell Class 8 trucks, along with hydrogen fueling and charging infrastructure and related services for fleet customers.
$35.8M
Annual revenue (FY2023)
Main activities
Design and manufacture of battery-electric and hydrogen fuel-cell trucks
Development of zero-emission commercial vehicle powertrains
Hydrogen fueling and charging infrastructure services
Fleet-focused commercial truck sales and support
Vehicle, drivetrain, and energy system integration
Nikola has been directly involved in hydrogen mobility through its TRE FCEV hydrogen fuel-cell truck program and plans for hydrogen fueling infrastructure. The company also operated a dual-track strategy with battery-electric trucks and an Energy business tied to hydrogen supply and charging support. Its public hydrogen activity was material, but the available sources do not confirm a current operating business after its 2025 bankruptcy filing.
Products
TRE FCEV(hydrogen fuel-cell Class 8 truck)since 2021 — Core hydrogen truck product for long-haul freight use
Hydrogen fueling system(hydrogen infrastructure)since 2021 — Energy business element supporting FCEV customers
TRE BEVdraft(battery-electric Class 8 truck)since 2021 — Complementary zero-emission product line
Partnerships
Strategic business partners and supplierssince 2015 — Vehicle manufacturing and fueling ecosystem development
Fleet and commercial trucking customerssince 2021 — Deployment of zero-emission trucks and fueling/charging support
Facilities of note
Phoenix headquarters and primary site(US) — Corporate, engineering, and commercial operations
2024 — Nikola remained focused on hydrogen-electric and battery-electric commercial trucks amid financial stress.
2025-02-19 — Filed for Chapter 11 bankruptcy protection and sought to sell all or most assets.
2025-04 — Sold select Arizona facilities and assets to Lucid Group.
Controversies & critiques
The company has been associated with governance and credibility issues, including founder Trevor Milton’s 2023 fraud conviction and a 2025 Chapter 11 filing.
Outlook (12-24 months)
Nikola’s near-term outlook is constrained by bankruptcy proceedings and asset sales rather than growth investment. Any continued relevance in hydrogen trucking would likely depend on the fate of sold or retained assets, intellectual property, and whether a reorganized platform or buyer preserves parts of its fuel-cell and fueling stack.
Competitors
Hyliion(US) — U.S. zero-emission heavy-duty trucking company with alternative powertrain focus.
Volvo Group(SE) — Global commercial vehicle maker offering battery-electric trucks and hydrogen-related R&D.
Daimler Truck(DE) — Major truck OEM competing in zero-emission heavy-duty vehicle development.
Hyzon(US) — Hydrogen fuel-cell truck developer in the same commercial vehicle segment.
Phoenix-based Nikola filed for Chapter 11 bankruptcy on February 19, 2025, leading to asset sales including 113 Tre FCEV trucks to Hyroad in August 2025 auction. Previously developed hydrogen trucks but faced financial issues with over $1 billion liabilities. Assets valued up to $114 million sold for $3.85 million. [10
Nikola has forged a 10-year strategic partnership with FirstElement Fuel to advance hydrogen fueling infrastructure. Nikola is deploying Class 8 hydrogen fuel cell electric trucks and has established operations with FEF's first heavy-duty site in Oakland, California. Additional HYLA-branded fueling stations are planned
Nikola was once considered a prominent challenger in zero-emission trucking but filed for bankruptcy in 2025 due to financial struggles, production delays, and difficulties raising additional capital. Its remaining physical and intellectual property assets, including hydrogen fuel cell trucks and supporting infrastruct
Founded in 2015, Nikola established itself as a pioneer in zero-emission transportation technology, especially for heavy-duty trucks. The company filed for Chapter 11 bankruptcy in early 2025 and is now liquidating assets, having delivered around 330 trucks and developed significant proprietary IP in hydrogen fuel cell
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