Trevor Milton was born in 1982 in a small rural town in Utah, USA. He studied marketing at Utah Valley University in the United States, but later he chose to drop out and start a careerStart a business。He first founded an ADT security services franchise and a few years later made it his own, from which he received $300,000 in funding. Then, Milton foundedCarsClassifieds**upillar, but failed to achieve profitability. That didn't stop himStart a businessTogether with his partners, he developed a natural gas conversion technology designed specifically for diesel engines and founded DHYB in 2009ridsystems。
NikolaiThe creation took place in 2014. At that time, metal manufacturer Worthington Industries acquired DHYB for $15.9 million**ridsystems, while Milton chose to leave the company and embark on a new venture of his own, which was foundedNikolaiFirm. NikolaiCommitted to the research and development of pure electric andHydrogen fuel cellsTrucks have become a new car-making force in the United States.
In 2016,NikolaiThe first model was officially releasedHydrogen trucksnikolaone。This truck has a unique exterior design, equipped with:TeslaThe style of the large-screen interior is full of futuristic and technological sense. According to Milton,nikolaoneIt uses a 300kW fuel cell and 320kWhBattery pack, which is more environmentally friendly and efficient than traditional diesel trucks. It only takes 15 minutes to charge and can last up to 1,000 miles (about 1,609 km) with reduced transportation costs to 0$95 miles. Only a month later,NikolaiA total of 7,000 vehicles were receivednikolaoneof orders.
With "0 emissions, 0 pollution" and "advancedHydrogen fuel cellstechnology".NikolaiIt began to be favored by many capitals. June 2020,NikolaiListed in the capital market through a merger with a SPAC (Special Purpose Acquisition Company) and became the first company in the world to go publicHydrogen fuel cellsTruck companies. Its market capitalization once exceeded $34 billion, surpassingFordand generic. Milton's personal fortune also soared, soaring to $8 billion, and he was known as the "Musk of trucking".
On September 8 of the same year,General MotorsAnnounced a USD 2 billion stakeNikolaiand signed a joint car manufacturing agreement. However, just two days later, the Hindenburg Research Center released a report that revealedNikolaiFraud.
The report of the Hindenburg Research Center states:NikolaiIt's a complex built on lies. NikolaiThe vehicles shown at the ONE launch event were actually cobbled together from other vehicles, and even the shells were rushed out of the previous week. It can't be turned on, it can only turn on its headlights, and it's plugged in from an outdoor power source. In addition,NikolaiNever really developed what was advertisedHydrogen fuel cells, motors and other key components, these are just their empty promises.
ForNikolaiMilton himself could not escape reproach for the fraud. In his interviews, he exaggerated sales orders from businesses, but many of them were fictitious corporate customers. When Hindenburg's report** came, Milton was forced to resignNikolaiCEO.
Despite the enormous pressure,NikolaiStill trying to save himself. The company hired beforeGeneral MotorsSteve Gilsky, vice chairman, became president and changed three CEOs. In April last year,NikolaiDeliveries beginPure electric trucksnikolatre, which has a range of 330 miles and a charging time of 90 minutes. At the end of September this year,NikolaiLaunched toHydrogen fuel cellsfor the power of the peopletrefcevIt has a range of 500 miles and only takes 20 minutes to recharge. However, the situation is not rosynikolatreThere are very few deliveries, and there are also a series of recall notices. In the first three quarters of this year,NikolaiProduction fell to 96 from 125 in the same period last year, while deliveries fell from 111 to 79. In the third quarter, only 3 vehicles were delivered, a year-on-year decrease of 95%. The company's revenue also nearly doubled to $24.31 million, and the net loss was as high as 8$1.3 billion, an increase of 45% year-on-year. NikolaiThe market capitalization has also shrunk from its peak of $34 billion to just $9$8.7 billion.
Trevor Milton is foundedNikolaiThe company was full of ambition and passion, and his claims and commitments attracted the attention of the global capital markets. However, when the truth was revealed, his forgery and exaggeration became the trigger for his decline. After losing trust to investors and consumersNikolaiand has been forced to undergo multiple management changes. NikolaiThe failure reminds us,EntrepreneursMust be honest and trustworthy, and must not manipulate the facts, otherwise it will bring irreparable losses to themselves and the company. It's also a shocking story that warns usBusinessThe principles of honesty, transparency and ethics should be upheld in the world to avoid repeating the same mistakesNikolaiof the repetition. In this digital age, where information flows very fast, fraud will be struck, and the loss of public trust in Trevor Milton will become irretrievable.