(Reuters) -EV maker Nikola (NASDAQ:) is exploring choices together with promoting components of its enterprise or the whole firm because it struggles with a money crunch, Bloomberg Information reported on Thursday.
The corporate’s shares slumped 28% in late-afternoon buying and selling.
Prospects into account additionally embrace bringing on companions or elevating new funds, the report mentioned, citing folks accustomed to the matter.
Nikola didn’t instantly reply to a Reuters request for remark.
The corporate has been grappling with excessive prices associated to the manufacturing ramp up of its fuel-cell electrical truck. Its money and money equivalents had fallen sharply to $198.3 million on the finish of September, in contrast with $464.7 million on the finish of final yr.
Nikola’s shares misplaced almost 96% of their worth in 2024.
CEO Stephen Girsky, in response to questions on elevating capital throughout an investor name in October, mentioned the corporate was “actively talking to lots of potential different partners.”
