Nikola, a Phoenix-based manufacturer of zero-emissions trucks, announced it will pursue an auction and sale process for its assets as it grapples with ongoing financial difficulties. The post Nikola files for Chapter 11 bankruptcy protection appeared first on FreightWaves.

Nikola, a Phoenix, Arizona-headquartered EV maker, filed for Chapter 11 bankruptcy due to monetary concerns and being a part of a struggling market.

Shares of Nikola, a battery and hydrogen fuel-cell-powered truck maker, plunged after the company announced on Wednesday that it and its subsidiaries have filed for Chapter 11 bankruptcy protection. “Like other companies in the electric-vehicle industry,