The electric vehicle startup Nikola has filed for bankruptcy protections after it failed to secure new money or locate a buyer to keep operating.

It took years of difficulty for the truck startup, which at one point eclipsed the market cap of Ford, to reach this point.

Nikola, an EV startup once valued higher than Ford, has filed for Chapter 11 bankruptcy. In the wake of a high-profile scandal and a recall that rocked the company to its core, Nikola says it only has about $47 million in cash on hand.

The struggling zero-emission OEM has faced increasing financial struggles since bursting on the scene with electric and fuel cell Class 8 tractors. With dwindling cash on

PHOENIX — Nikola, the once-booming electric vehicle company headquartered in Phoenix, filed for Chapter 11 bankruptcy protection Wednesday morning.

Electric truck maker Nikola Corp. was valued at over $30 billion in 2020, but has since faced financial and production struggles, as well as a scandal involving its founder and former CEO.

After struggling to raise cash and undergoing several leadership changes, the electric semi truck maker Nikola filed for bankruptcy Wednesday.

Nikola Corp.’s plan to sell its business in bankruptcy is complicated by the federal government’s expected retreat from policies and incentives that were meant to boost electric-vehicle sales.

Nikola Corp. plans to lay off 855 workers between its Phoenix headquarters and Coolidge manufacturing facility as the electric truck maker moves forward with its Chapter 11 bankruptcy.