Is anyone keeping track of EV manufacturers and solar energy companies filing for bankruptcy?

https://www.foxbusiness.com/markets/ev-maker-nikola-files-chapter-11-bankruptcy-protection

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EV maker Nikola files for Chapter 11 bankruptcy protection
Phoenix, Arizona-based Nikola was founded over a decade ago
By Daniella Genovese FOXBusiness

Electric-truck maker Nikola Corp. filed for Chapter 11 bankruptcy protection on Wednesday after the company failed to overcome market and macroeconomic challenges.

"Like other companies in the electric vehicle industry, we have faced various market and macroeconomic factors that have impacted our ability to operate," CEO Steve Girsky said in a statement.

Girsky said the company has taken "numerous actions" to raise capital, reduce liabilities, clean up its balance sheet and preserve cash to sustain operations in recent months, but it wasn't enough to overcome the "significant challenges" the company had been facing. He said that filing for bankruptcy protection was the "best possible path forward" for the company and its stakeholders.

As of Wednesday, Nikola has around $47 million in cash to keep things running while it tries to sell off assets and reorganize. The company is also seeking court approval to sell its assets quickly to make sure it has enough money to cover costs during the bankruptcy process.....

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Very much doubt they received much in the way of federal tax dollars. Article claims they were an EV truck manufacturer, but their birth was as a hydrogen truck manufacturer. The founder claimed proprietary hydrogen technology that they didn't actually have and then faked a demonstration of a hydrogen fuel cell truck in operation, that was actually just the truck rolling down a low grade hill. He was indicted in 2021 for various forms of fraud and in the wake of that indictment the company pivoted to EVs to try to save the company.

Hilariously California, after all of the fraud charges surrounding their hydrogen technology, gave them $41 million in state tax funds to build 6 hydrogen fueling stations in California.

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Hilariously California, after all of the fraud charges surrounding their hydrogen technology, gave them $41 million in state tax funds to build 6 hydrogen fueling stations in California.

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If you had approached film makers with that ^ script 15 to 20 years ago, it would have been turned down because it is/was too unbelievable, even for fiction!

I hope we don't use tax payer money in their screw up business model.

All of these manufacturers including Tesla know that the battery technology is not there yet to replace gasoline automobiles. I think we are actually somewhat close, maybe within a decade, of seeing mass manufactured stable solid-state batteries with ranges of around 1000 miles and quick charging. They're still working through the dendrite problem. Honda has made huge progress in the last few years.

Once that happens I think we'll see a lot more adoption but the technology just doesn't make economic sense yet.

hph6203 said:

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Very much doubt they received much in the way of federal tax dollars. Article claims they were an EV truck manufacturer, but their birth was as a hydrogen truck manufacturer. The founder claimed proprietary hydrogen technology that they didn't actually have and then faked a demonstration of a hydrogen fuel cell truck in operation, that was actually just the truck rolling down a low grade hill. He was indicted in 2021 for various forms of fraud and in the wake of that indictment the company pivoted to EVs to try to save the company.

Hilariously California, after all of the fraud charges surrounding their hydrogen technology, gave them $41 million in state tax funds to build 6 hydrogen fueling stations in California.

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It wouldn't be shocking if somehow the State of California was reimbursed from an NGO funded by USAID or the EPA or some other federal slush fund. Every bit of the green energy initiative is a scam, unknowingly funded by the U.S. taxpayers.

AtticusMatlock said:

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All of these manufacturers including Tesla know that the battery technology is not there yet to replace gasoline automobiles. I think we are actually somewhat close, maybe within a decade, of seeing mass manufactured stable solid-state batteries with ranges of around 1000 miles and quick charging. They're still working through the dendrite problem. Honda has made huge progress in the last few years.

Once that happens I think we'll see a lot more adoption but the technology just doesn't make economic sense yet.

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Everything you think solid state batteries provide is already available in vehicles in China. What you're asking for is an overfit of capability to actual need for capability from the consumer, which is not how technology gets adopted. Solid state batteries will just provide the same necessary capability at higher prices.

Production vehicles in China are getting sustained >300 kW charging 5%-80%, which in a 270 mile range vehicle is ~200 miles in <10 minutes. U.S. style EVs are more than capable of fulfilling the daily driving of the average U.S. driver, and are actually capable of fulfilling edge case driving when accounting for the totality of use (norm daily use and edge case). Reality is the limiter on EV adoption is largely charging infrastructure, not battery technology.

Future of EVs is shorter ranges, cheaper vehicles, faster charging, less routing to accommodate charging needs. 270 mile range vehicles with 80% charging in 8 minutes. Won't be the only vehicle capabilities people purchase, but it will be closer to the norm than 500+ mile range vehicles, especially after people buy their first EV and realize that range concerns are wildly overblown.

Why people conservatives (and much of this board) hate EVs? Is it because it would kill the O&G industry which is big in Texas?

I don't have one and won't buy one now but if it is priced well, it may not be a bad thing.

infinity ag said:

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Why people conservatives (and much of this board) hate EVs? Is it because it would kill the O&G industry which is big in Texas?

I don't have one and won't buy one now but if it is priced well, it may not be a bad thing.

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Not really.

Natural Gas is significant source for electricity.

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90 minute charge...not great for a trucking schedule. Looks like diesel is still the king.

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If only somebody would have told them this was a bad idea.

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Though Ford currently offers a couple of large EVs the F-150 Lightning and E-Transit CEO Jim Farley has also made it quite clear that the automaker is reserving those types of vehicles for work-oriented purposes, or commercial customers, in general. Much of this decision stems from the fact that current battery technology simply isn't viable for use in big, heavy vehicles that haul and tow heavy loads oftentimes, across long distances a sentiment that Farley recently restated while speaking during the automaker's Q4 2024 earnings call with investors.

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"But for larger retail electric utilities, the economics are unresolvable," Farley said. "These customers have very demanding use cases for an electric vehicle. They tow, they go off-road, they take long road trips. These vehicles have worse aerodynamics and they're very heavy, which means very large and expensive batteries. Retail customers have shown that they will not pay any premium for these large EVs, making them a really tough business case given the expense in the batteries."

"For Ford, our commercial customers do show potential for large EVs. They're willing to pay a premium over ICE because they can really measure the TCO [true cost of ownership] advantages of EV, and they can live with depot charging. They don't have the same range anxiety that retail customers have. Profitability for these larger family haulers that take long trips will be more frequently occurred through partial electric options."

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LINK

They did an "American Greed" episode on this. The hydrogen powered truck roll out was a big media and investor dog and pony show. Attendees were allowed to look at it and sit in it, but not touch the controls. The instrument panel was lit up, but turns out, it didn't have an engine and had a power cord coming up from the floor to power the lights on the instrument panel...green electricity, I'm sure!

The investigation of the over-the-road video was fascinating. They replicated the feat for the episode. The hydrogen angle was a fraud from the word go. He claimed his headquarters and a hydrogen fueling station was all powered by massive solar panels on the roof of the building. Google earth showed there were no solar panels on the roof.

It will be interesting for the semi-truck market, because so many companies have published unrealistic goals for an "all-electric fleet," driven by the ESG nonsense.

rausr said:

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It will be interesting for the semi-truck market, because so many companies have published unrealistic goals for an "all-electric fleet," driven by the ESG nonsense.

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Pepsi redirected their Tesla Semi to Frito Lay because milage hauling sugar water sucked. Turns out the Semi is perfectly suited for hauling bags of potato chips.

hph6203 said:

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Hilariously California, after all of the fraud charges surrounding their hydrogen technology, gave them $41 million in state tax funds to build 6 hydrogen fueling stations in California.

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Oh FFS, California

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Future of EVs is shorter ranges, cheaper vehicles, faster charging, less routing to accommodate charging needs. 270 mile range vehicles with 80% charging in 8 minutes. Won't be the only vehicle capabilities people purchase, but it will be closer to the norm than 500+ mile range vehicles, especially after people buy their first EV and realize that range concerns are wildly overblown.

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That works for high-density, high-commute areas. But for the rest of the world?

Extended Range and the speed to re-charge is a real issue.. I'm ok paying a premium, if I get something for it. But most people aren't going to pay a premium for less capability. That's a tough sell., and why EV/Battery manufacturers are working feverishly to improve it (and some have given up, like Ford). Wide adoption will rely on the improvements.

The dems/communists never, ever learn: Government, the federal government in particular, is a terrible allocator of resources for a number of reasons:

1.) Lack of expertise.
2.) Lack of profit motive
3.) Lack of accountability (and don't talk to me about elections)
4.) Political grifting from the company seeking government money.

This is also why the argument from leftists that government is needed to make investments like this fall flat: government does not know how.

usmcbrooks said:

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90 minute charge...not great for a trucking schedule. Looks like diesel is still the king.

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If only somebody would have told them this was a bad idea.

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Hussein has never even ridden a bike without fenders. He wouldn't know the first thing about driving a truck.

lb3 said:

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rausr said:

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It will be interesting for the semi-truck market, because so many companies have published unrealistic goals for an "all-electric fleet," driven by the ESG nonsense.

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Pepsi redirected their Tesla Semi to Frito Lay because milage hauling sugar water sucked. Turns out the Semi is perfectly suited for hauling bags of potato chips.

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Which makes sense to keep the loads much lighter. But also puts an exclamation point on just how unsuitable EVs are for hauling in general, much less big heavy loads.

So Pepsi made lemonade out of a lemon.

buzzardb267 said:

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They did an "American Greed" episode on this. The hydrogen powered truck roll out was a big media and investor dog and pony show. Attendees were allowed to look at it and sit in it, but not touch the controls. The instrument panel was lit up, but turns out, it didn't have an engine and had a power cord coming up from the floor to power the lights on the instrument panel...green electricity, I'm sure!

The investigation of the over-the-road video was fascinating. They replicated the feat for the episode. The hydrogen angle was a fraud from the word go. He claimed his headquarters and a hydrogen fueling station was all powered by massive solar panels on the roof of the building. Google earth showed there were no solar panels on the roof.

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CEO that has been convicted is a scumbag and idiot for sure with what he tried to pull off when it was pretty obvious with investigation he was lying about it all.

They do have hydrogen fuel Semis and were actively building and selling them. I have seen one in Houston, not too long ago and it is running on hydrogen.

The hydrogen cost 3X as much as diesel for the same mileage, so imagine $10 per gallon equivalent.

It is not sustainable without Carbon credits /offsets and I think the companies that are early adopters are now realizing that the carbon offset to please the 'lefties' don't pay the bills.

I have been following this company for a year and they are a mess fiscally, have lots of turnover, and seem to make poor hiring choices of top brass, all while the convicted former CEO is still launching verbal grenades at the current leadership. Stock did a 30 to 1 reverse split last year and still tanked again.

Just a terrible run company and another alternative fuels liberal wet dream will bite the dust or get bought and re-organize, we will see...

lb3 said:

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rausr said:

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It will be interesting for the semi-truck market, because so many companies have published unrealistic goals for an "all-electric fleet," driven by the ESG nonsense.

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Pepsi redirected their Tesla Semi to Frito Lay because milage hauling sugar water sucked. Turns out the Semi is perfectly suited for hauling bags of potato chips.

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Edit to add....I guess those batteries will make pretty good ballast!

Central Committee said:

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The dems/communists never, ever learn: Government, the federal government in particular, is a terrible allocator of resources for a number of reasons:

1.) Lack of expertise.
2.) Lack of profit motive
3.) Lack of accountability (and don't talk to me about elections)
4.) Political grifting from the company seeking government money.

This is also why the argument from leftists that government is needed to make investments like this fall flat: government does not know how.

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Government is a poor investor, because they aren't playing with their own money.
It's always easy to be generous with other peoples money, be it Ukraine or some numbskull, harebrained EV idea.

Warren Buffett invested in Flying J Truckstops. If he thinks diesel is here for quite a while longer, I'm going to go with what he thinks.

Ellis Wyatt said:

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More theft of taxpayer dollars facilitated by The Swamp.

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First Obama and along came Biden.

There is an EV bubble that is popping.

I read an article a few years ago about the EV market and it said that year there were 400+ new EV components formed in China.

That's when I knew this would be a huge bubble and a wave of bankruptcies is inevitable.

There will be way more EV supply than demand, and it could be that every manufacturer loses money on their EVs. Even the pure EV companies aren't yet turning a profit and Tesla is seeing a slow down too.