Scandal-scarred electric semi-truck maker Nikola — a pandemic darling once valued at $30 billion — filed for bankruptcy on Wednesday. The company said it is seeking an auction and sale process of its assets, becoming the latest electric-vehicle maker to stumble after grappling with tepid demand, rapid cash burn and funding challenges. “Like other companies in the electric vehicle industry, we have faced various market and macroeconomic factors that have impacted our ability to operate,” chief executive Steve Girsky said in a statement. He said Nikola has tried to raise...

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Feb 19 (Reuters) - Nikola (NKLA.O) filed for Chapter 11 bankruptcy protection, according to a court filing on Wednesday, as the electric truck maker battled rapid cash burn and struggled to raise additional funds amid uncertain demand for its hydrogen and battery-powered big rigs. The development brings a close to Nikola's challenging journey, which included numerous leadership changes, struggling electric truck sales and a plummeting share value.

Nikola Corp. filed for bankruptcy, culminating a long slide for the onetime darling of the electric-vehicle industry, which struggled with weak sales and cycled through CEOs in the wake of a fraud scandal.

The company entered Chapter 11 in Delaware on Wednesday, according to court documents. It listed assets between $500 million and $1 billion and liabilities between $1 billion and $10 billion in its petition.