Introduction

Nikola's promise was simple, to build a fully functional truck that could run on hydrogen-powered fuel cells and compete with industry standard diesel-powered alternatives. In 2016 the company claimed to have met this promise by engineering the holy grail of hydrogen tech for trucking. But Hindenburg Research released a report calling into question some of the lofty claims made by the billion dollar EV upstart Nikola. So in today's special edition we simplify the 15,000 word report and present a cogent narrative on how Nikola became a multi-billion dollar auto company without ever putting a single truck on the road.