Big dreams and plenty of talk, but nothing to show for in the end, with a jail term for committing fraud at the end of it all. That sums up the Trevor Milton story. The founder of EV start-up Nikola Corporation has been sentenced to four years in prison after a jury in New York found him guilty of lying to investors about the company’s technology, Reuters reports.
The promise began as early as 2015, when the company unveiled plans to make zero-emission big rigs using hydrogen fuel-cell technology. By 2020, it had also revealed the Badger, a pick-up truck that it said would be offered in both hydrogen fuel-cell electric vehicle (FCEV) and battery electric vehicle (BEV) forms.
Following that, General Motors announced plans to acquire an 11% equity stake in the company, and that it would assist Nikola in engineering and manufacturing the latter’s offering, including the Badger. Then, the fallout began, when a report was published accusing Nikola of fraud, and GM then backed out of the equity deal. It eventually led to charges being brought against Milton.
Federal prosecutors said Milton misled investors about Nikola’s capabilities by stating that it had built an electric pick-up from the “ground up.” As it turned out, the Badger, which was first revealed in February 2020, was made partly from components derived from the Ford F-150 Raptor and a “chopped up” electric Nikola sports vehicle that was at the development stage.
Milton was also charged for saying that Nikola had developed its own batteries, even though he knew it was buying them, and for falsely claiming of producing his own hydrogen fuels at below market rates. There was also the thing that started the whole ball rolling, a video showing its Nikola One semi moving under its own power when it was in reality not doing so, but rolling down a hill.
During the sentencing, US district judge Edgar Ramos told Milton that the 41-year-old was fully aware of his actions and that the statements he made about the company were false. “As difficult as it may be for you or your family to hear, I believe the jury got it right,” Ramos said. Milton remains free on bail while he appeals his conviction.
The post Nikola founder Trevor Milton sentenced to four years in prison for committing fraud, duping investors appeared first on Paul Tan's Automotive News.
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