• News
  • Guides
  • Reviews
  • Media
  • About
  • News
  • Guides
  • Reviews
  • Media
  • About
Sign up Now (For Free)

Sign up for our newsletter and receive the latest automotive news in your inbox!

Invalid email address
We promise not to spam you. You can unsubscribe at any time.
Thanks for subscribing!
News
Read Now
  • All News
  • Automakers
  • Automobiles
  • Auto Shows
  • Business
  • EVs & Environment
  • Guides
  • Lawsuits/Legal
  • Regulatory
  • Ride-Sharing
  • Safety & Recalls
  • Technology
Recent
  • The Rearview Mirror: Triumph of the Bean Counters
  • VW Teases U.S. Version of ID.Buzz — and Here’s What We Know About the Electric Microbus
  • Make Sure You're Good to Go for the Holiday Weekend
  • Hyundai, LGES Building $4.3B EV Battery Plant in U.S.
  • New Vehicle Sales Set to Rise, Used Vehicle Sales Expected to Drop in May
  • Ford Teaming with Tesla to Make Charging Even Easier
  • Q&A: VinFast CEO Van Anh Nguyen Talks Tough Reviews, Tough Learning Curve, Bright Future
  • Stellantis Invests in new Lithium-Sulfur EV Battery Tech
  • The Safest Cars For Your Teenage Driver
  • Honda Teams with Aston Martin in Formula One Return
Editor’s Choice
    Reviews
    Read Now
    • All Reviews
      • Feeder
    • Classic Cars
    • Concept Cars
    • Convertibles
    • Coupes
    • Crossovers/CUVs
    • Diesel
    • Hot hatches
    • Hybrids
    • Luxury Vehicles
    • Minivans
    • Muscle Cars
    • Pickups
    • Sedans
    • Sports Cars
    • Super Cars
    • SUVs
    Recent Reviews
    • A Week With: 2023 Electrified GV70 AWD Prestige
    • A Week With: 2023 BMW XM
    • A Week With: 2023 Mercedes-Benz GLS 580 4Matic
    • First Drive: 2024 Audi Q8 e-Tron Prestige
    • First Drive: 2024 Volvo C40 Recharge Single Motor
    • A Week With: 2023 Ford Bronco Everglades Edition
    • First Drive: 2024 Kia Seltos
    • A Week With: 2023 Volvo V60 Cross Country B5 AWD
    • 2023 Kia Sportage PHEV X-Line Prestige AWD
    • First Drive: 2023 VinFast VF 8 City Edition
    Editor’s Choice
      Guides
      Car Warranty
      • Endurance Warranty Reviews
      • BMW Extended Warranty
      • Extended Warranty For Cars Over 100k Miles
      • Extended Car Warranty Cost
      • Subaru Extended Warranty
      • CarShield Reviews
      • CarShield Cost
      • Aftermarket Car Warranty
      • CARCHEX Warranty Reviews
      • Reputable Extended Car Warranty Companies
      • Used Car Warranty Companies
      • Best Car Warranty
      • Is CarShield A Scam?
      • Mercedes Extended Warranty
      • CarShield Plans
      Insurance
      • How To Identify A Car Insurance Company
      • Geico Mechanical Breakdown Insurance
      • How Far Back Does A Car Insurance Company Look
      • Mechanical Breakdown Insurance For Used Cars
      • State Farm Mechanical Breakdown Insurance
      • Mechanical Breakdown Insurance From Progressive
      • Dollar A Day Insurance
      • Auto Insurance For SSI Recipients
      • Car Insurance Rates After A Suspended License
      • Auto Insurance For Salvage Vehicles
      • Average Cost of Dodge Ram 1500 Car Insurance
      • Car Insurance Florida
      • Full Coverage Auto Insurance
      • GrubHub Insurance
      • Amazon Delivery Auto Insurance
      Shipping
      • Car Shipping Companies
      • uShip Reviews
      • Auto Shipping From California To Hawaii
      • Montway Auto Transport Reviews
      • Cheap Car Shipping
      • Easy Auto Ship Reviews
      • Auto Shipping Miami
      • Auto Shipping To Alaska
      • Car Shipping Cost
      • Auto Shipping Hawaii
      • Auto Shipping Puerto Rico
      • Sherpa Auto Transport Reviews
      • Auto Shipping Atlanta
      • Auto Shipping Boston
      • Auto Shipping. Chicago
      About
      • About Us
      • Contact Us
      • Terms of Use
      • Privacy Policy
      • Affiliate Disclosure
      • Sitemap
      TheDetroitBureau.com

      More than just “another” place to find news, reviews, spy shots, commentary, features, and guides about the auto industry. TheDetroitBureau doesn’t stop with the press releases or confuse a few lines of opinion with insightful, in-depth reporting.

      Contact Us

      Like what you see? Have some ideas for making The Detroit Bureau.com even better? Let us know, we’d love to hear your voice.

        Media
        Listen Now
        • Headlight News: All Episodes
        More from TheDetroitBureau
        • Guides
        • Latest News
        • Auto Reviews
        • Podcasts
        Headlight News

        TheDetroitBureau.com’s Headlight News offers a look at the past week’s top automotive news stories, as well as what’s coming up in the week ahead. Check out the week’s top story and our latest review…along with a dive into the past with this week in automotive history.

        home > news > Automakers > Battle Between Nikola, Hindenburg Heats Up with SEC Probe

        Battle Between Nikola, Hindenburg Heats Up with SEC Probe

        EV startup working with investigators.

        Michael Strong
        Michael Strong , Managing Editor
        Sept. 15, 2020
        Nikola’s Trevor Milton continues to deny many parts of the recent report from Hindenburg Research accusing the company of fraud.

        The battle between Nikola Corp. and Hindenburg Research is heating up as the U.S. Securities and Exchange Commission is now investigating the EV startup based on some of the allegations laid out in a recent report by the short-selling research firm.

        Nikola, which recently finalized a $2 billion deal with General Motors, angrily denied the charges in the report, fraud being the most damning, and suggested it may file suit against the research firm about the allegations. Since then, the company has started working with SEC investigators. The SEC has not commented on the probe.

        “On September 11, Nikola’s legal counsel proactively contacted and briefed the U.S. Securities and Exchange Commission (SEC) regarding Nikola’s concerns pertaining to the Hindenburg report. Nikola welcomes the SEC’s involvement in this matter,” the company said in a statement.

        (Nikola CEO Angrily refutes claims of short-selling research firm.)

        In the wake of the report, the Phoenix-based company revealed it engaged law firm Kirkland and Ellis to evaluate its options. The research report, which was released Sept. 10, is titled “How to Parlay an Ocean of Lies into a Partnership with the Largest Auto OEM in America.”

        Hindenburg Research’s report claims that Nikola committed fraud to get a deal with GM.

        While clearly a reference to the new deal with GM, the firm claimed on its website, “Today, we reveal why we believe Nikola is an intricate fraud built on dozens of lies over the course of its Founder and Executive Chairman Trevor Milton’s career.”

        The ongoing news temporarily put GM Chairman and CEO Mary Barra on the hot seat during a question-and-answer session during her online appearance at the RBC Capital Markets Global Industrials Virtual Conference. Barra touted the new deal with the EV upstarts, saying that it was a great strategic fit for the automaker and its own electric vehicle development program.

        “It allows us to have more people using the technology, which gives us the advantage of scale, which will help us drive costs down,” Barra said.

        (GM forges $2B deal with Nikola to build trucks, develop new electric and fuel-cell technology.)

        “And then from a fuel cell perspective, using the Hydrotec fuel cell technology, and entering a new segment for us, a growth segment, again validating our fuel cell technology, I think it starts to unlock an all-new growth area for us as it relates to fuel cells.”

        GM Chairman and CEO Mary Barra said earlier that the company had done due diligence on Nikola.

        However, when pressed about the allegations in the Hindenburg report, including that Nikola engaged in “lies and deception” in showcasing its electric vehicle technology, including staging a video that showed one of its trucks cruising down a hill, Barra said the company had conducted its due diligence before closing the deal. She then referred further questions about Nikola to representatives of the Phoenix-based company.

        Nikola was on the offensive earlier Monday, noting there were “dozens” of inaccurate statements in Hindenburg’s report, and it outlined several examples. It also made the same claims last week when the report was initially released.

        Aside from denying many charges, the company is also explaining some of the them in the report, such as towing one of its truck prototypes to the top of a hill and allowing it to roll down, appearing to be operating under its own power.

        (Nikola Motors begins taking reservations for Badger hydrogen/electric pickup.)

        “Nikola never stated its truck was driving under its own propulsion in the video, although the truck was designed to do just that (as described in previous point),” the company states. “The truck was showcased and filmed by a third party for a commercial. Nikola described this third-party video on the Company’s social media as ‘In Motion.’ It was never described as ‘under its own propulsion’ or ‘powertrain driven.’”

        How to Care for Your Car

        Cheap Car Warranty

        Editor's Choice

        Best Extended Car Warranty

        Editor's Choice
        Recently Published

        The Rearview Mirror: Triumph of the Bean Counters

        May 27, 2023
        VW tease for ID Buzz three row

        VW Teases U.S. Version of ID.Buzz — and Here’s What We Know About the Electric Microbus

        May 26, 2023

        Make Sure You’re Good to Go for the Holiday Weekend

        May 26, 2023

        Leave a Reply Cancel reply

        Your email address will not be published. Required fields are marked *

        Share this article:
        © The Detroit Bureau 2023
        • Guides
        • Privacy Policy
        • Terms of Use
        • Affiliate Disclosure
        • Contact Us
        • Sitemap
        Follow Us: