American electric truck manufacturer Nikola has filed for Chapter 11 bankruptcy protection.

The EV maker will sell its assets, which is estimated to be around USD 500 million and USD 1 billion, while its liabilities on the other hand were between USD 1 billion and USD 10 billion. As per the bankruptcy filing, the company had USD 47 million in cash on hand.

Nikola now joins the list of alternative energy-focused automotive and allied companies globally, who aimed at disrupting the market with their potential solutions, but ended up burning millions of dollars in investor money.

A statement issued by the company said, “Like other companies in the electric vehicle industry, we have faced various market and macroeconomic factors that have impacted our ability to operate. We have taken numerous actions in recent months to raise capital, reduce liabilities, strengthen our balance sheet and preserve cash to sustain operations. Unfortunately, these efforts were not sufficient to overcome the current challenges. Nikola’s Board of Directors has determined that Chapter 11 is the best possible path forward for the company and its stakeholders. This will enable the company to restructure its debt and implement an orderly wind down of the business, while conducting a structured process to solicit interest in the sale of all, substantially all, or a portion of its operations.”

Steve Girsky, CEO & President, Nikola, said, “With the dedication of our employees and support from our partners, Nikola has taken significant steps to move zero-emissions transportation forward, including bringing the first commercially available Class 8 hydrogen fuel cell electric trucks to market in North America and developing the HYLA hydrogen refuelling highway, connecting Northern California to Southern California. Our customers have accumulated approximately 3.3 million fleet miles across both our FCEV and BEV truck platforms and our HYLA fuelling network has dispensed well over 330 metric tons of hydrogen.”

Headquartered in Phoenix, Arizona Nikola has a manufacturing facility in Coolidge, Arizona.

Numeros Motors, a new-age original equipment manufacturer specialising in indigenous electric vehicles (EVs), has launched an NFT-backed loyalty programme in collaboration with Polygon. This first of its-kind initiative in the EV industry, integrating blockchain technology into customer engagement, will reward the first 1,000 buyers of Diplos with a unique digital collectible.

The NFT series ‘The Journey’ consists of 10 original artworks, each with 100 copies, that depict Diplos conquering the essence of India's many landscapes and the spirit of adventure that characterises the brand's motto, ‘Gets It Done’. Customers that own one join a limited group that prioritises performance, resiliency and progressive mobility. These NFTs, which are protected on Polygon's blockchain, provide exclusivity, authenticity and a more in-depth interaction with the brand.

This programme adds value to the Diplos experience by providing holders with access to premium products, invites to special events and priority customer service in addition to the NFT. These NFTs serve as a permanent remembrance of their role in Numeros Motors' history since they are soul-bound, meaning they are always connected to their original owners. In April of this year, Numeros Motors will also open its first store in Bangalore that is owned and run by the firm.

Shreyas Shibulal, Founder and CEO, Numeros Motors, said, "Diplos was built for those who move forward, challenge limits and embrace new possibilities. This NFT initiative is our way of recognising and celebrating our customers who believe in our vision. By integrating blockchain technology into customer engagement, we are creating an ownership experience that extends beyond the ride itself."

Sulajja Firodia Motwani, the Founder & CEO of Kinetic Green, was recently awarded an Honorary Doctorate in Literature by the Tilak Maharashtra Vidyapeeth Institute in Pune.

The recognition was conferred to Motwani for her contribution towards driving the adoption of electric vehicles in the country. An MBA from Carnegie Mellon University, Pennsylvania, USA, she has also worked towards promoting manufacturing in the country and has held notable positions at the Federation of Indian Chambers Of Commerce and Industry (FICCI), Society of Manufacturers of Electric Vehicles (SMEV) and Indian Federation of Green Energy (IFGE).

“I am deeply humbled and honoured to receive this recognition. The Firodia family has always by synonymous with strong values, nation building, self-reliance and a deep-rooted sense of nationalism. This acknowledgement inspires me to further serve for the greater good, a mission that we at Kinetic Green are constantly working towards,” said Motwani.

Škoda Auto has released a teaser clip of the all-new Elroq vRS, offering a first glimpse of both its exterior and interior. The world premiere is scheduled to take place digitally on 3 April 2025 and will be streamed live on Škoda’s official YouTube channel.

Following its digital unveiling, the all-electric compact SUV will make its public debut at Milan Design Week 2025 in the Padiglione d'Arte Contemporanea gallery in the Porta Venezia Design District. In keeping with Škoda's Be More Elroq campaign, the exhibition will showcase the Elroq vRS as the focal point of an experiential journey from 8 to 13 April 2025. The show will also feature the official launch of Botas sneakers, which are based on Škoda Modern Solid design principles, in honour of the company's 130th anniversary. These sneakers were created in collaboration with the Škoda Auto design team. Members of the Škoda team will wear one of the three versions that are planned for the occasion.

Folks Motor, a retrofit start-up, has announced that it will invest INR 5 billion towards capital expenditure over the next five years, it is also targeting to attain revenue of INR 5 billion revenue including INR 2 billion from domestic market and INR 3  billion in exports.

The start-up claimed it is investing towards developing India’s first retrofit warehouse and industrial park – The Blue IP – to strengthen domestic EV supply chain.

Folks Motor claims it has already started exports to Middle East and Africa, with plans to enter Europe, Latin America and Southeast Asia.

The new investment will see the start-up form strategic partnership with powertrain manufacturers, electronic manufacturing services, energy storage and system integrators.

Nikhil Anand Khurana, MD & CEO, Folks Motor, said, "At Folks Motor, we recognise the urgent need to build a robust and integrated EV ecosystem in India. With ‘The Blue IP’, the first-ever xEV-focused warehousing and industrial park, we are taking a big step toward strengthening domestic manufacturing. Our target of INR 6 billion in order book by 2030 reflects our commitment to making India a leader in the global EV supply chain. Our expansion strategy ensures that sustainable mobility is accessible to a broader audience without the financial and environmental costs of scrapping existing vehicles."

The start-up claimed that it has structured a USD 100 million ESG bond for efficient fund utilisation, which it aims to scale up to INR 2.5 billion for working capital and operational expenses.