PHOENIX-BASED ELECTRIC AND HYDROGEN CAR COMPANY STALLS OVER FRAUD SUBPOENAS
By Tessa Patterson.Phoenix-based startup Nikola Motor Company (“Nikola”) has risen to the top. Nikola was once valued at more than Ford Motor Company buthas since endured bumpy roads, including a patent lawsuit with fellow electric car competitor, Tesla. The most recent roadblocks comes in the form of fraud allegations from short-seller Hidenburg Research, and subpoenas from the Department of Justice and the Securities and Exchange Commission. Subpoenas do not necessarily mean any action will be brought against Nikola. Though if the government uncovers the necessary elements of fraud, it may get the green light to bring suit.What is Nikola?Founded by Trevor Milton in 2014, Nikola specializes in battery-electric and hydrogen fuel-cell vehicles, with a focus on semitrucks. Since going public in June through a special-purpose acquisition company, Nikola’s stock price…