EV maker Nikola files for Chapter 11 bankruptcy protection

Core Viewpoint - Nikola Corp. has filed for Chapter 11 bankruptcy protection due to inability to overcome market and macroeconomic challenges [1][2] Group 1: Company Actions and Financial Status - The company has undertaken numerous actions to raise capital, reduce liabilities, and preserve cash, but these efforts were insufficient to address significant challenges [2] - Nikola currently has approximately $47 million in cash to sustain operations while attempting to sell off assets and reorganize [3] - The company is seeking court approval for a quick asset sale to ensure it can cover costs during the bankruptcy process [3] Group 2: Market Context - The electric vehicle industry, including Nikola, has been impacted by various market and macroeconomic factors affecting operational capabilities [1][2]