Connect with us

News

Nikola Motor labeled “an intricate fraud” by Hindenburg Research

(Photo: Dacia Ferris/Teslarati)

Published

on

Nikola Motor is under fire after an analyst firm called Hindenburg Research labeled the automaker as “an intricate fraud built on dozens of lies.”

Hindenberg said that had “gathered extensive evidence – including recorded phone calls, text messages, private emails, and behind-the-scenes photographs-detailing dozens of false statements by Nikola Founder Trevor Milton.”

Nikola has been developing its series of hydrogen fuel cell and battery electric semi-trucks and pickups in preparation for a production push within the next couple of years.

Yesterday, GM obtained a sizeable $2 billion equity stake in Nikola and announced that it would be responsible for developing and supplying fuel cell and battery systems for the Trevor Milton-headed company.

However, Hindenburg’s report claims that a massive level of deception is taking place within Nikola’s campaign to gain momentum in the transportation sector.

“We have never seen this level of deception at a public company, especially of this size,” Hindenburg said.

Nikola Shares fell 9% because of the news, according to MarketWatch, and its $20 billion public valuation fell to $14.24 billion in a matter of hours.

Advertisement

The report claims that Milton “has managed to parlay these false statements made over the course of a decade into a ~$20 billion public company. He has inked partnerships with some of the top auto companies in the world, all desperate to catch up to Tesla and to harness the EV wave.”

One of the biggest claims from the Hindenburg report is the suggestion that Milton’s statements during a July 2020 podcast directly indicate that the Nikola Tre was rolling off of production lines at a company facility in Europe.

“We have five of them coming off the assembly line right now in Ulm Germany,” Milton stated during the podcast. However, Bosch, the manufacturing partner building the trucks, confirmed that there had been no Nikola products that had been completely manufactured.

In response to the report, Milton indicated in a Tweet that it would take him “a few hours to put together responses to their [Hindenburg’s] lies.”

https://twitter.com/nikolatrevor/status/1304049295105032199

Advertisement

Hindenburg holds a short position in shares of Nikola Motor, and wrote a disclosure at the bottom of the report indicating its current position on the company’s stock.

The report has yet to be confirmed, but Block & Leviton LLP, a national securities and litigation firm, is currently investigating the claims. The company stated, “If you purchased or acquired shares of Nikola and have questions about your legal rights or possess information relevant to this matter, please contact Block & Leviton attorneys at (617) 398-5600, via email at cases@blockleviton.com, or at https://www.blockleviton.com/cases/nkla.”

Disclosure: Joey Klender is not a $NKLA shareholder and has no intention to initiate any positions within 72 hours.

Joey has been a journalist covering electric mobility at TESLARATI since August 2019. In his spare time, Joey is playing golf, watching MMA, or cheering on any of his favorite sports teams, including the Baltimore Ravens and Orioles, Miami Heat, Washington Capitals, and Penn State Nittany Lions. You can get in touch with joey at joey@teslarati.com. He is also on X @KlenderJoey. If you're looking for great Tesla accessories, check out shop.teslarati.com

News

SpaceX successfully launches 100th Starlink mission of 2025

With 100 Starlink missions completed for 2025, space enthusiasts have noted that SpaceX has successfully launched 2,554 Starlink satellites so far this year.

Published

on

Spacex-starlink-dish-gigabit-speed-vs-europe
(Credit: Starlink)

SpaceX achieved its 100th Starlink mission of the year on Friday, October 31, marking another milestone for 2025. 

A Falcon 9 rocket carrying 28 Starlink broadband satellites successfully lifted off from Vandenberg Space Force Base in California at 4:41 p.m. ET, carrying another 28 Starlink satellites to Low Earth Orbit (LEO).

Falcon 9 booster’s 29th flight

Roughly 8.5 minutes after liftoff, the Falcon 9’s first stage touched down on the drone ship Of Course I Still Love You in the Pacific Ocean. This marked the booster’s 29th flight, which is approaching SpaceX’s reuse record of 31 missions.

This latest mission adds to SpaceX’s impressive 138 Falcon 9 launches in 2025, 99 of which were dedicated to Starlink, according to Space.com. The company’s focus on reusing boosters has enabled this breakneck pace, with multiple launches each week supporting both Starlink’s expansion and external customers.

Starlink’s network continues massive global expansion

Starlink remains the largest active satellite constellation in history, with more than 10,000 satellites launched, nearly 8,800 of which are currently active. SpaceX recently achieved Starlink’s 10,000-satellite milestone. With 100 Starlink missions completed for 2025, space enthusiasts have noted that SpaceX has successfully launched 2,554 Starlink satellites so far this year.

Advertisement

Starlink, which provides high-speed, low-latency internet connectivity even to the world’s most remote areas, has been proven to be life-changing technology for people across the globe. The service is currently operational in about 150 countries, and it currently has over 5 million subscribers worldwide. From this number, 2.7 million joined over the past year.

Continue Reading

News

Tesla shares updated timeframe for Cybertruck FSD V14 release

The Cybertruck was expected to receive FSD V14 before the end of the month, but Tesla was not able to meet the target.

Published

on

Credit: Tesla

Tesla’s Full Self-Driving (FSD) V14 update for the Cybertruck could arrive this weekend, as per recent comments from Director of Autopilot Software and VP of AI Ashok Elluswamy. 

The Cybertruck was expected to receive FSD V14 before the end of the month, but Tesla was not able to meet the target.

Cybertruck FSD V14

Considering the extended wait for FSD V14, it was no surprise that several Cybertruck owners were asking for updates about the system’s rollout to the all-electric pickup truck on Friday. These included the official Cybertruck X account, which responded to Elluswamy’s end of month estimate with “I only see trick. Where is my treat.” 

This prompted a response from the AI executive, who replied with, “Sorry, pushing for early access Cyber release over the weekend.” This means that if all goes well, Cybertruck owners would be able to experience FSD V14 very soon. Some, however, are wondering if Tesla would go straight to V14.2 for the Cybertruck’s FSD V14 update, or if the vehicle will receive V14.1 first. 

Tesla pushes to unify FSD experience across its lineup

The upcoming Cybertruck rollout represents the next step in Tesla’s efforts to roll out FSD capabilities across all of its vehicles. FSD V14 is a notable step forward for the company’s AI-driven self driving system, with features like Mad Max mode getting positive reviews from longtime Full Self Driving testers.

Advertisement

For the Cybertruck, the FSD V14 update would mark one of its first major over-the-air upgrades for the vehicle. Likely due to its size, the Cybertruck tends to receive FSD updates later than the S3XY lineup, which is quite surprising considering that the all-electric pickup truck is a premium-priced vehicle that is home to some of Tesla’s most advanced technologies.

Continue Reading

News

“Tesla Ride” program lets riders experience FSD and Grok AI in real-world demos

The initiative aims to bring supervised Full Self-Driving demos and Grok AI-guided experiences to consumers in real world trips.

Published

on

Credit: Tesla AI/X

Tesla has launched a new service designed to make its Full Self-Driving (FSD) technology familiar to all commuters. 

Dubbed the “Tesla Ride” program, the initiative aims to bring supervised Full Self-Driving demos and Grok AI-guided experiences to consumers in real world trips. 

How Tesla Ride Works

As per the official Tesla Ride website, the session will allow participants to sit in the driver’s seat while a Tesla Advisor rides shotgun as co-pilot. The Tesla Advisor then guides riders through the company’s latest supervised FSD features, comfort settings, and in-car entertainment. Participants would also be able to interact with Grok AI in the vehicles. Grok will be capable of answering questions during the ride, and it will even tell stories along the way.

Tesla noted, however, that Tesla Ride sessions are capped at 45 minutes each, and it requires participants to have a valid driver’s license and insurance. Interested participants are also advised to call beforehand so they can schedule their Tesla Rides.

Marketing push and reach

The Tesla Ride program runs across several markets from October into November, and in some locations into the end of December 2025. Participating states are numerous, from Michigan to Virginia to Illiois, Nevada, and California, among others. A look at the official webpage for Tesla Ride shows that the company is still taking a very cautious approach with the program, with disclaimers clearly stating that FSD Supervised does not make Teslas autonomous just yet.

Advertisement

Tesla’s focus on safety with FSD was highlighted recently by Senior Vice President for Automotive Tom Zhu. “Elon said it in 2021: “For self-driving, even if the road is painted completely wrong and a UFO lands in the middle of the road, the car still cannot crash and still needs to do the right thing. 

“The prime directive for the autopilot system is: Don’t crash. That really overrides everything. No matter what the lines say or how the road is done, the thing that needs to happen is minimizing the probability of impact while getting you to your destination conveniently and comfortably,” the executive stated.

Continue Reading

Trending