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Former CEO and founder of Nikola Motors Trevor Milton has been found guilty on three of four counts of fraud in federal court today. Milton was charged with two counts of securities fraud and two counts of wire fraud, pertaining to statements he made while he was acting chairman and CEO of Nikola.

Although Nikola Corporation, fka Nikola Motor Company, has nothing to do with the news of today’s conviction, it must be mentioned because of the pivotal role it plays in the Trevor Milton saga that has led to his guilty verdicts.

Before going public, the original iteration of the ZEV startup founded by Milton came out swinging, promising several hydrogen-fueled, Class 8 semi trucks to battle the likes of Tesla. The company also introduced a hydrogen-electric pickup truck called that Badger that would be produced with the help of GM.

Things truly started to get “interesting” when then Milton became a billionaire by taking Nikola public through a SPAC merger, following several bold claims about the company’s tremendous progress, causing its stock to hockey stick up to over $90 per share.

However, the Nikola cash rocket was quickly grounded after a report from notorious short-seller Hindenburg Research made several allegations that exposed deception by Nikola and Milton. It included several claims corroborated in previous reports from both Electrek and Bloomberg. Nikola issued a response to those claims, but the statement lacked any rebuttal of the main allegations of deception by the company and Milton.

A key focus of deception in the report was a substantial claim that Nikola staged the first video of its hydrogen truck driving by simply rolling it down a hill. The company eventually admitted to the ruse, albeit without an apology, claiming the deception was “fair game” due to a technicality.

Milton ended up leaving the company shortly thereafter as public pressure started to increase. The US Department of Justice as well as the SEC soon opened separate investigations into Milton’s actions (or lack thereof) and he was inevitably indicted by a grand jury over the aforementioned false claims.

Until today, Milton has been chest deep in litigation on a $100 million bail. Nikola Corporation on the other hand, cooperated with the SEC in order to move on from Milton, paying a $125 million settlement agreement and refocusing on actually delivering electric vehicles, a feat Trevor Milton never accomplished during his sprint to the bank.

Nikola issued a statement in regard to the court’s decision today, stating:

We appreciate the court’s and jury’s attention to this matter. It is important to remember that this trial was related to statements that Mr. Milton made, several years ago. Neither the prosecutors nor Mr. Milton questioned the Company’s promising future and unique ability to positively transform the commercial transportation industry.At Nikola, we are pleased to close this chapter and focus on executing on our strategy and achieving critical milestones. With our vehicles in production and in the hands of customers, along with the energy infrastructure well on its way to support them, the Company is making meaningful contributions toward cleaning up one of the world’s most polluting industries. Nikola and its dedicated team continue to work relentlessly towards real long-term value for its shareholders as we work to create a cleaner and healthier planet for future generations.

Milton still owns Nikola stock, but that is the only tie that currently exists between him and the current version of automaker, which is still working to claw its reputation out of the hole its former CEO dug for it. Milton was facing up to 25 years in prison if he were convicted on all four counts of fraud. Now that he has been found guilty of three, we will need to see what his sentence ends up being.

Electrek’s Take

Oil may no longer be necessary in electric vehicles, but there is still some snake oil going around in the industry. Milton’s counts of guilty should come as no surprise to anyone since much of the evidence against him was quite public and abundant – one of the downsides of publicly pumping your company for profit. Stock is only down 3% aftermarket today, again providing evidence that many saw this coming.

What we may not see coming however is the next Trevor Milton, and it’s a safe bet that person is out there somewhere. We promote a lot of young and upcoming startups at Electrek for the good of EV adoption, and the cold truth of it is that many won’t pan out.

Funding and scale are usually the death weapons, but there are plenty of bad actors out there looking to capitalize off investors excited about EVs, who are looking to invest in a company that will “become the next Tesla.” How many times have we heard that statement, right?

We still believe that charlatans like Milton are the exception and not the rule, but it’s important that he was caught and is held accountable because there are other CEOs or EV startups lurking, waiting for an opportunity to exaggerate their EV tech and make a quick buck off it. Hopefully those frauds will see Milton dressed in orange and think twice.

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UAW tells Stellantis workers to prepare for a fight, and vote for strike

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UAW tells Stellantis workers to prepare for a fight, and vote for strike

The UAW union’s Stellantis Council met yesterday to discuss the beleaguered carmaker’s “ongoing failure” to honor the agreement that ended the 2023 labor strike, and their latest union memo doesn’t pull many punches.

It’s not a great time to be Stellantis. Its dealers are suing leadership and threatening to oust the company’s controversial CEO, Carlos Tavares, as sales continue to crater in North America, it can’t move its new, high-profile electric Fiat, and it’s first luxury electric Jeep isn’t ready. And now, things are about to get bad.

In an email sent out by the UAW earlier today (received at 4:55PM CST), UAW President Shawn Fain wrote, “For years, the company picked us off plant-by-plant and we lacked the will and the means to fight back. Today is different. Because we stood together and demanded the right to strike over job security—product commitment—we have the tools to fight back and win … We unanimously recommend to the membership that every UAW worker at Stellantis prepare for a fight, and we all get ready to vote YES to authorize a strike at Stellantis.”

The dispute seems to stem from Stellantis’ inability to commit to new product (and continued employment) at its UAW-run plants and other failings to meet its strike-ending obligations. This, despite a €3 billion stock buyback executed in late 2023.

I’ve included the memo, in its entirety, below. Take a look for yourself, and let us know what you think of the UAW’s call for action in the comments.

UAW memo

SOURCE: UAW, via email.

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Kia EV9 GT caught with an active spoiler for the first time [Video]

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Kia EV9 GT caught with an active spoiler for the first time [Video]

Kia promises the new EV9 GT will have “enormous power,” but that’s not all. For the first time, the Kia EV9 GT was caught with an active spoiler, giving us a sneak peek at potential new upgrades.

The brand’s first three-row electric SUV is already making its presence known in the US, helping push Kia to back-to-back record sales months. Meanwhile, a more powerful, sporty variant is on the way.

Kia confirmed the EV9 GT will top off the electric SUV’s lineup in April. Packing “enormous power,” the high-performance GT model can accelerate from 0 to 62 mph (0 to 100 km/h) in 4 secs.

With a “high-output” dual-motor (AWD) system, the EV9 GT can quickly pick up speed despite weighing over 5,000 lbs.

Kia also equipped it with other high-performance features, such as a reinforced suspension and electronic braking system, for better control and stability.

We’ve already caught a glimpse of the performance electric SUV out testing, revealing aggressive new bumpers and wheels. Now, a new design feature has been spotted.

Kia-EV9-GT-active-spoiler
2024 Kia EV9 GT-Line (Source: Kia)

Kia EV9 GT could come with an active rear spoiler

The latest video from HealerTV shows the EV9 GT with what appears to be an active spoiler. As the reporter noted, it could be similar to the one spotted on the Genesis GV70 Magma.

Kia EV9 GT caught with an active rear spoiler

Tesla’s Model X also used to come with an active spoiler until it was dropped a few years back. Although the GT model was spotted with one, Kia could just be testing new features, so don’t get too excited yet.

Earlier this week, a video from HealerTV showed the front row of the EV9 GT, comparing it to the current GT-Line model.

Kia-EV9-GT-Line-interior
Kia EV9 GT-Line interior (Source: Kia)

Several differences can be immediately noticed, including a more aggressive, all-black design with a yellow stripe down the center of the seat.

Kia is set to launch the EV9 GT in early 2025. It will rival other performance SUVs like the Tesla Model X Plaid.

Although prices have yet to be confirmed, the GT model is expected to sit above the current GT-Line at $73,900. In comparison, Tesla’s Model X Plaid starts at $94,990 and can sprint from 0 to 60 mph in 2.5 secs.

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Chargeway and Consumer Reports team up to improve charging

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Chargeway and Consumer Reports team up to improve charging

Consumer Reports and EV charging app Chargeway are working together to give drivers a better way to rate public chargers, report uptime, and address maintenance issues.

The Chargeway app is best known for its use of numbers and colors to simplify the complexity of multiple charge ports and different charging speeds for new EV drivers. The app also enables Chargeway users to rate and review the public charging stations they visit – and now, those ratings can show up on Consumer Reports.

The technical collaboration with Chargeway is part of a larger effort called the EV Charging Community, which engages with a number of different EV advocacy groups including Plug In America, GreenLatinos, and Generation 180, and leverages the mobile app to rate public EV charging experiences based on various factors, with the findings reported back to industry stakeholders like EVSE manufacturers, CPOs, and utilities.

Be heard

“We are very excited to be partnering with Consumer Reports,” says Chargeway founder, Matt Teske. “From day one, Chargeway has focused on a driver first app design to provide easier EV charging experiences as well as transparency for what drivers can anticipate at (the) station they choose … we share Consumer Reports’ goal to give drivers a voice in the public EV charging reliability conversation. Now, instead of posting complaints on social media and feeling ignored, EV drivers can use the Chargeway mobile app to provide their feedback to the leading consumer advocacy organization.”

Consumer Reports says it’s already seen nearly a third of its 1,600 enrolled community members experience a problem with public charging, so it’s a real problem. “Charging stations are critical services, but when they’re out of order or barely functional, it wastes consumers’ valuable time,” explains Drew Toher, Consumer Reports’ sustainability campaign manager.

Consumer Reports points out that EV drivers who don’t use Chargeway can also enroll to be part of the community at this link.

Electrek’s Take

Chargeway founder Matt Teske is an old friend. He’s a good friend, too, so it’s great to see his top-shelf EV charging app starting to get some of the recognition it deserves. The CR tie-up and added visibility these ratings will give to industry stakeholders are only going to make things better for EV drivers everywhere.

That up there? That’s one of my early interview episodes of Quick Charge featuring a walkthrough of Chargeway+, another collab between Matt and Austin Energy. Enjoy!

SOURCE | IMAGES: Chargeway, Consumer Reports.

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