The SEC has already proven they are a toothless empty shell when they pursued Elon. I don’t expect anything to come of this, no one should actually think the SEC is capable of doing anything after their saga with Tesla.
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All discussion of Nikola Motors
- Thread starter Buckminster
- Start date
The SEC has already proven they are a toothless empty shell when they pursued Elon. I don’t expect anything to come of this, no one should actually think the SEC is capable of doing anything after their saga with Tesla.
Doggydogworld
Active Member
I don't have an exhaustive list. There's the one mentioned upthread where he said Solar Roof was already installed on hundreds of houses and Tesla had to put out a PR saying that included houses that were 'scheduled for installation'. There's this one where he said the Grohman battery pack machine would running in Q1 so they could make 2500 cars/week, when actually the machine was supposed to ramp in Q2 and they hoped to hit 2500 with current equipment:
tsla-8k_20180209.htm
They responded to his 7 day return claim by changing their policy (at least on paper, some who tried to return have met resistance).
Tesla Clarifies Return Policy After Conflicting Tweet From CEO - Tesla Motors Club
They've clarified rash statements like Funding Secured and Closing All Stores. But Musk mostly talks about the future, which "you should have no concern" is covered by safe harbor
Mike Smith
Active Member
Yikes. It doesn't look so good for Trevor. But I wish you the best of luck, brother, in explaining to the SEC why they ought to be going after this unreasonable short seller!
Causalien
Prime 8 ball Oracle
I think I've figured out Trevor's strategy. He is basically an affiliate marketer.
All the tech spec he uses are just copied from competitors with similar technologies.
All the tech spec he uses are just copied from competitors with similar technologies.
SebastianR
Active Member
Oh wow, they are not pulling any punches... Do you think they plan to just sit this one out? So far we just see a lot of swearing and yelling on Instagram but not really any other moves.
I wonder what the fine folks at Iveco, Bosch and (to a lesser extent also) GM think about this drama.
What I am waiting for is the other shoe to drop: class action law suit from NKLA investors.
That will be the real game with teeth, the SEC investigation is just theatrics, but will not put any real punishment on either Nikola or Trevor personally. However the investor lawsuit should be rather costly for them.
I think Iveco and Bosch are in a different position if they're actually building prototypes. That's sort of the rubber-meets-the-road stage. If they are confident they can build something solid and diesel-competitive, they may not care what goes on in the US stock market. Worst case, if Nikola implodes, they can ditch their prototypes but take that knowledge to a different electric truck product. (And, if Bosch is mainly a supplier, they're getting paid for the parts they provide, and could presumably sell them to others, especially if Nikola goes away.)
As far as we know, GM hasn't really committed much yet, and the future with the Badger is much more uncertain. Not only is there a lot of R&D left, they'll likely come out after Rivian and Cybertruck, possibly also Hummer... Unless this is going to be one of those things where the Badger and Hummer share the same platform... I wonder if they'd be dumb enough to do that. Cost cutting in the name of stupid? Probably.
Anyway, I see GM as much more likely to bail if things get ugly with the SEC.
SebastianR
Active Member
Well at least Bosch has their own hydrogen strategy, too. It is interesting, they had a (paid?) article on the future of hydrogen in German news media just recently. I don't know if they like to have GM in the mix, too - in a way I guess the GM deal was not so ideal for Bosch as it cuts them off from future hydrogen developments at Nikola.
"Die Wasserstoffgesellschaft ist unausweichlich"
They said: "Nikola ist einer unserer Entwicklungspartner, und Bosch wählt seine Partner sehr gewissenhaft aus." (Nikola is our development partner and Bosch selects its partners very dilligently)
I would not be surprised if Bosch is slowly inching towards the exit...
Iveco is a joint-venture. So not sure if there is an exit desire/ exit option...
The GM deal is only exclusive for the US production, Nikola is still open to work with other suppliers of Hydrogen technology for European trucks.
Attempt at a waterfall by shorting company... remains in play.
Seems like you have very good support here, but like everyone knows, another press release can dump this into the high teens low twenties. Everyone buying here is trading or playing the short term oversold bounce and will run for the hills the instant they believe that is gone.
Seems like you have very good support here, but like everyone knows, another press release can dump this into the high teens low twenties. Everyone buying here is trading or playing the short term oversold bounce and will run for the hills the instant they believe that is gone.
SebastianR
Active Member
"Don't worry my dear, I'm still committed to our relationship! We can still be a great couple on the weekends!" - the reason I say that is:
IVECO, FPT Industrial and Nikola Corporation launch their partnership to achieve zero-emissions transport
(bolding mine)
If you have additional partners join the party - watch for the existing partners and their expectations...
[EDIT: Maybe I'm reading too much into that - further down the clarify that their first product is the Tre - so I guess you could say there is no expectation for further collaboration beyond that one European truck? Either way - very interesting.]
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Knightshade
Well-Known Member
I don't think there's any case there.
GM has nothing to do with all their previous fraud at all. They didn't roll a dead truck down a hill.
And GM legit has the parts they are bringing to the deal. They have battery, motor, and hydrogen tech- and they know how to build a pickup truck. No fraud there.
The whole point of the GM deal appears to be Nikola need supply NOTHING but some CAD drawings (and they DO have those!) and stock (which they also have).... then once GM actually needs to start spending $, they get to bill Nikola for it on a cost PLUS basis.
Hence why I said the deal is win-win for GM. They do nothing but make money on it if it goes anywhere.
If Nikola implodes, that's some bad PR for GM, but that's about it... (and they might still get some $ out of it in the meantime)
mtndrew1
Active Member
Exactly. Almost no risk for GM and the potential to unload 200k trucks to Nikola at cost-plus while indirectly soaking up federal tax credits.
Yuri_G
Member
No risk except a company name that could be synonymous with fraud in a couple of months...
Causalien
Prime 8 ball Oracle
I haven't seen anyone going over the future expenses. I've been thinking about cash flow. NKLA has about 700 mil cash from stock sale and have committed 700 mil to badger purchases.
As far as I am aware, there's no mass production until 2023 which is when Trevor sees his largest stock vesting. So, how are the cashflow holes going to be filled? Any analysis on that?
As far as I am aware, there's no mass production until 2023 which is when Trevor sees his largest stock vesting. So, how are the cashflow holes going to be filled? Any analysis on that?
Knightshade
Well-Known Member
More stock!
And really, if they can keep juggling till 2023 without actually producing anything, GM will have had time to fully cash out of their own shares, so even more win!
Don't forget, Trevor Milton's stock options will also vest, so he can make out like a bandit, cash out and retire as multi-billionaire -- I am sure he deserves it for all his hard and successful, world class scam artist work...
And that is the end game right there, Ladies and Gentlemen. It is not about producing any kind of trucks (be it NG, H2, EV or whatever the latest fashion de jour), it is simply about keeping up the facade until the options vest, so keep up the pump until he can dump.
@KarenRei replied to an interesting Tweet encouraging someone to use the SEC Whistleblower program in reporting Nikola fraud. I wonder if Trevor saw the writing on the wall and that is why he contacted the SEC to turn himself in and collection the Whistleblower payout. (Yeah, I'm pretty sure they won't pay you for turning yourself in.)
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