Bankrupt Electric Truck Maker Nikola Is Down to One Employee and $556 Million in Losses

The collapse of Nikola has reached a symbolic low point. By the end of November, the once-high-profile electric and hydrogen truck manufacturer had just one employee left on its payroll, while cumulative losses since declaring bankruptcy have exceeded $556 million.

From EV Hype to Bankruptcy

Nikola filed for bankruptcy protection in February of the past year after years of financial strain, legal trouble, and failed execution. Before that, the company endured a high-profile court case involving its ousted founder, Trevor Milton, who had previously misled investors by showcasing a so-called electric truck prototype that was later revealed to be rolling downhill under gravity, not powered by its own drivetrain.

At its peak, Nikola employed 874 people. As of late November, that number had fallen to one.

One Employee Left — the Bankruptcy Trustee

The company’s sole remaining employee is now the bankruptcy trustee, Thomas Pitta, responsible for overseeing asset liquidation and creditor claims.

Financial deterioration has continued even after bankruptcy:

• $1.6 million in additional losses recorded in November alone

• $556+ million in total losses since filing for bankruptcy

Assets vs. Debt: A Deep Imbalance

Nikola’s financial position remains heavily underwater:

• Assets: no more than $124 million

• Total liabilities: approximately $296 million

The bulk of that debt consists of unsecured bonds worth $272 million, issued before the bankruptcy filing — leaving bondholders with limited prospects for recovery.

Asset Sales Bring Limited Relief

Liquidation of Nikola’s remaining assets has generated only modest proceeds:

• $38.8 million raised so far

• $15.3 million of that total came from selling regulatory credits to Mack Trucks

These sales provide some cash flow but fall far short of covering the company’s obligations.

Uncertain $100 Million Lawsuit Claim

Nikola is also counting on a $100 million compensation claim stemming from its lawsuit against Trevor Milton. However, the chances of collecting that sum appear slim, especially after Donald Trump recently pardoned Milton, further complicating enforcement.

A Cautionary Tale — Not the End of Electric Trucks

While Nikola’s downfall is dramatic, analysts caution against viewing it as representative of the entire electric truck sector. Development of battery-electric and hydrogen trucks continues among established manufacturers and better-capitalized startups, many of which are taking a more measured and technically grounded approach.

Nikola’s story is increasingly seen as a warning about overhyped promises, weak governance, and premature scaling, rather than a verdict on electric trucking itself.