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Nikola Motor labeled “an intricate fraud” by Hindenburg Research

(Photo: Dacia Ferris/Teslarati)

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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.

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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

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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

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Elon Musk hints at when Tesla could reduce Safety Monitors from Robotaxi

Tesla could be reducing Safety Monitors from Robotaxi within ‘a month or two,’ CEO Elon Musk says.

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Credit: Joe Tegtmeyer | X

Elon Musk hinted at when Tesla could begin reducing Safety Monitors from its Robotaxis. Safety Monitors are Tesla employees who sit in the front passenger seat during the driverless rides, and are there to ensure safety for occupants during the earliest rides.

Tesla launched its Robotaxi fleet in Austin last Sunday, and after eight days, videos and reviews from those who have ridden in the driverless vehicles have shown that the suite is safe, accurate, and well coordinated. However, there have been a few hiccups, but nothing that has put anyone’s safety in danger.

A vast majority — close to all of the rides — at least according to those who have ridden in the Robotaxi, have been performed without any real need for human intervention. We reported on what was the first intervention last week, as a Safety Monitor had to step in and stop the vehicle in a strange interaction with a UPS truck.

Watch the first true Tesla Robotaxi intervention by safety monitor

The Tesla and UPS delivery truck were going for the same street parking space, and the Tesla began to turn into it. The UPS driver parallel parked into the spot, which was much smaller than his truck. It seemed to be more of an instance of human error instead of the Robotaxi making the wrong move. This is something that the driverless cars will have to deal with because humans are aggressive and sometimes make moves they should not.

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The Safety Monitors have not been too active in the vehicles. After all, we’ve only seen that single instance of an intervention. There was also an issue with the sun, when the Tesla braked abnormally due to the glare, but this was an instance where the car handled the scenario and proceeded normally.

With the Robotaxi fleet operating impressively, some are wondering when Tesla will begin scaling back both the Safety Monitors and Teleoperators that it is using to ensure safety with these early rides.

CEO Elon Musk answered the inquiry by stating, “As soon as we feel it is safe to do so. Probably within a month or two.”

Musk’s response seems to confirm that there will be fewer Teleoperators and Safety Monitors in the coming months, but there will still be some within the fleet to ensure safety. Eventually, that number will get to zero.

Reaching a point where Tesla’s Robotaxi is driverless will be another significant milestone for the company and its path to fully autonomous ride-sharing.

Eventually, Tesla will roll out these capabilities to consumer-owned vehicles, offering them a path to generate revenue as their car operates autonomously and completes rides.

For now, Tesla is focusing on perfecting the area of Austin where it is currently offering driverless rides for just $4.20 to a small group of people.

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Tesla sees explosive sales growth in UK, Spain, and Netherlands in June

In countries like the UK, Spain, and the Netherlands, Tesla’s June sales surged significantly compared to May.

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Credit: Tesla Europe & Middle East/X

After months of declining deliveries and market pressure, Tesla appears to be regaining its footing in Europe. Tesla saw a significant spike in electric vehicle registrations across several key markets in June, signaling renewed momentum for the EV maker.

In countries like the UK, Spain, and the Netherlands, Tesla’s June sales surged significantly compared to May.

Explosive growth in the UK, Spain, and the Netherlands

Tesla’s most notable performance came in the United Kingdom, where June registrations jumped 224% month-over-month, and Spain, where registrations more than tripled. This made Tesla the top-selling electric car brand for the month in both countries, as per a CarUp report.

The Netherlands saw Tesla become the best-selling car brand in June across all vehicle segments. Tesla’s continued success in Norway also appears to be holding steady, though full figures for the market have not yet been finalized.

These numbers suggest Tesla’s European sales slump may have been temporary, with strong demand returning amid the ramp of the new Model Y, which was largely unavailable in the first quarter. 

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Mixed results in Sweden but signs of progress

In Sweden, Tesla’s performance remained mixed in June. While year-over-year registrations dropped over 70% in June, the company’s market share jumped 72% compared to May. Tesla now holds an 8.6% market share in the Swedish EV market, which means that one in every twelve new electric vehicles registered in the country last month was a Tesla, as per data compiled by eu-evs.com.

So far in 2025, Tesla ranks as the fourth-largest EV brand in Sweden, with 3,461 vehicles registered, trailing Volkswagen, Volvo, and Kia. The Tesla Model Y has remained a strong seller, ranking as the third most registered electric vehicle this year, behind the Volkswagen ID.7 and Volvo XC40, despite being largely absent in Q1 2025.

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Xiaomi CEO congratulates Tesla on first FSD delivery: “We have to continue learning!”

Xiaomi has become one of Tesla’s strongest rivals in China.

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Credit: Tesla/X

Just days after unveiling the Xiaomi YU7, a vehicle that is considered as the Model Y’s strongest competitor yet, Xiaomi CEO Lei Jun gave a nod of respect to Tesla and its Full Self-Driving (FSD) program. 

In a post on Weibo, Lei Jun highlighted the remarkable nature of Tesla’s first autonomous delivery. He also acknowledged that Xiaomi still has much to learn in the electric vehicle industry.

Xiaomi CEO’s Nod of Respect

Lei Jun’s comments about Tesla’s FSD delivery were shared as a response to Tesla VP Grace Tao’s post about the recent feat. The Tesla VP shared several key aspects of the delivery, from the fact that there was no driver in the Model Y to the vehicle reaching over 70 mph as it drove to its owner. 

“For the first time in history, the vehicle was delivered to the owner by itself. There was no driver or remote control throughout the journey, and the maximum speed reached 115 kilometers per hour, and it arrived safely at the customer’s door. This is a brand new Model Y. Tesla always surpasses imagination with disruptive innovation. A new era, exciting!” Tao wrote in her post.

In his response, the Xiaomi CEO acknowledged Tesla’s incredible feat. “Tesla is indeed amazing, leading the industry trends in many areas, especially FSD. We still have to continue learning!” he wrote.

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Xiaomi’s Recent Tesla Competitor

The Xiaomi CEO’s comments show that Tesla’s projects and leadership garner a lot of respect in the global electric vehicle sector. While Tesla and Elon Musk tend to be media punching bags in the United States and Europe, the company and its CEO seem to be taken very seriously in China. This was despite China being the world’s most competitive electric vehicle market.

Xiaomi itself has become one of Tesla’s strongest rivals in China, with its first car, the SU7, bringing the fight to the Tesla Model 3. Its most recent vehicle, the YU7, could very well be the Model Y’s most legitimate rival yet, as it is more affordable, bigger, and more feature-laden than Tesla’s best-selling crossover. The YU7 has garnered quite a lot of attention, with Xiaomi receiving 200,000 firm orders for the vehicle within the first three minutes of its launch.

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