Nikola Founder’s First Fuel Cell Semi Truck Lacked a Fuel Cell

Trevor Milton was riding high a little over two years ago. His battery-electric and fuel cell-powered truck startup, Nikola Corp., had just gone public by merging with a special purpose acquisition company, and its shares were among the first post-SPAC meme stocks to go berserk. Without having sold a single truck, Nikola briefly exceeded Ford Motor Co. in market value.

People familiar with the company’s first prototype, the Nikola One, told Bloomberg News that at the unveiling of the truck in December 2016, the founder of the company exaggerated its capabilities. And on June 17, 2020, Milton gave a pivotal interview. ...