Nikola Hydrogen Truck Fraud: Faked Driving Videos, Manipulated Battery Data, and Founder Convicted

Who Gets Targeted

Primary victims include early investors, partners (such as General Motors), and the public looking forward to clean energy transportation. Drawn in by false promises from founder Trevor Milton, these groups suffered heavy financial losses and a blow to their trust in new energy technologies. Retail investors were especially vulnerable to social media marketing and the founder's personal charisma, blindly following the investment without independent technical verification.

骗局怎么运作

• Faked Driving Videos: Nikola published a video on social media showing its Nikola One hydrogen truck driving on a highway. Subsequent investigations revealed that the vehicle was not actually operational; the truck was towed to a hill and allowed to roll down using gravity for filming, and the footage was then edited to create the illusion of normal driving. Founder Trevor Milton repeatedly referenced the video in promotional materials to prove to investors and the public that the product was nearing mass production.
• Tampering with Battery Data: While the company claimed its hydrogen fuel cells and battery management systems featured proprietary core algorithms, an investigative report by short-seller Hindenburg Research pointed out that Nikola exaggerated or even fabricated battery testing and range data, with key parameters failing to be reproduced in independent tests.
• False Promotion of Core Algorithms: In public speeches and on social media, Trevor Milton repeatedly claimed that the company mastered industry-leading fuel cell automatic control algorithms and battery management technologies. However, internal employees and subsequent investigations confirmed that most of these technologies remained at the conceptual stage without actual verifiable engineering achievements.
• Using Rendered Animations to Disguise Real Vehicle Testing: Nikola presented computer-rendered truck animations as real vehicle test footage, and some promotional materials were accused of conflicting with the actual state of the vehicles, further blurring the line between technical demonstrations and fraud, and misleading investors regarding product maturity.
• Deceiving Partners and Cashing Out via IPO: After going public through a reverse merger, Nikola used false technical endorsements to attract giants like General Motors, which once announced a 2 billion dollar stake. After the short-seller report was published, the partnership was terminated, the stock price plummeted, and Trevor Milton was ultimately sentenced for securities fraud.

红旗信号（看到这些快跑）

• 🚩 Promotional videos show obvious editing or non-actual driving scenes, lacking independently verifiable third-party test records.
• 🚩 Core technical data cannot be reproduced in public tests or independent laboratories, with over-reliance on the founder's personal social media announcements.
• 🚩 The company frequently uses rendered animations and conceptual drawings instead of actual vehicle footage, blurring the boundary between prototype and mass-produced vehicles.
• 🚩 The founder over-markets their personal image and responds to questioning with attacks or legal threats rather than providing technical evidence.
• 🚩 Partners or investors are restricted from accessing core technical teams and real test data during the due diligence process.

真实案例

• In September 2020, short-seller Hindenburg Research released an investigative report accusing Nikola of faking driving videos and exaggerating battery technology, triggering market shock and a subsequent sharp drop in Nikola's stock price.
• In October 2022, a U.S. federal court convicted Trevor Milton of securities fraud, finding that he made false statements to investors regarding Nikola's technological level and commercial prospects, and he was sentenced to four years in prison in December 2023.
• General Motors announced a strategic partnership with Nikola in September 2020 with plans to acquire a 2 billion dollar stake. Following the exposure of the short-seller report, General Motors announced in November of that year that it would scale back the scope of cooperation and ultimately abandoned the equity plan.
• In February 2025, hydrogen and electric truck company Nikola filed for Chapter 11 bankruptcy protection, planning to auction off all assets and orderly liquidate and exit. On the day of the filing, the company's book cash was only about 47 million dollars, whereas its market value at its peak had reached 30 billion dollars, and the company failed to regain financing capabilities after the founder was prosecuted. (Source: [https://www.autoweek.com/news/a63852456/nikola-truck-startup-bankruptcy-filing/](https://www.autoweek.com/news/a63852456/nikola-truck-startup-bankruptcy-filing/))
• In September 2025, the U.S. Securities and Exchange Commission (SEC) reached an 83 million dollar settlement with Nikola, which was undergoing Chapter 11 liquidation proceedings. Of this amount, approximately 43 million dollars consisted of unsecured claims and 40 million dollars of subordinated claims; this settlement was incorporated into the bankruptcy liquidation plan of Nikola and its nine affiliated debtors for distribution to investors harmed by the fraud. (Source: [https://finance.yahoo.com/news/nikola-agrees-83m-sec-settlement-213634419.html](https://finance.yahoo.com/news/nikola-agrees-83m-sec-settlement-213634419.html))

Official Stance

• In July 2021, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Nikola, accusing it of misleading investors regarding its products, technological capabilities, and financial prospects.
• In December 2021, Nikola agreed to pay a 125 million dollar fine to the SEC to settle securities fraud charges.
• In December 2023, the U.S. District Court for the Southern District of New York delivered its verdict on Trevor Milton, finding him guilty of securities fraud and wire fraud, and sentencing him to four years in prison.

How to Protect Yourself

• ✅ For technical demonstration videos from new energy enterprises, request third-party testing reports or independent laboratory data, avoiding making investment decisions based solely on promotional films.
• ✅ Verify the true background of a company's core patents, technical papers, and engineering teams to confirm whether they possess the claimed R&D capabilities.
• ✅ Be wary of founders who overly rely on social media marketing and public relations talking points, and pay attention to whether they are willing to accept technical inquiries from independent media and industry experts.
• ✅ Before making major investment decisions, cross-verify company statements through multiple channels such as short-seller reports, industry analysts, and interviews with departed employees.
• ✅ Avoid using personal branding and founder charisma as the basis for investment, and insist on making judgments based on substantive technological progress and verifiable commercial orders.