Truck manufacturer Nikola Corp. and delivery-van maker Arrival added to a series of misfortunes for electric-vehicle startups struggling to make it to mass production.
Nikola disclosed late Monday that it transfered ownership of Romeo Power Inc., the battery supplier it acquired less than a year ago, to a company that will handle selling or liquidating its assets.
The setbacks for Nikola and Arrival follow Lordstown Motor Corp.’s filing for bankruptcy protection last week after a falling-out with production partner Foxconn Technology Group. Nikola and Lordstown came up well short of their production goals for last year, while Arrival scrapped plans to make vans in the UK.
Nikola and Arrival both are trying to restructure their businesses to focus on the US market. Nikola handed over full control of a German joint venture to partner Iveco Group NV last week, and Arrival is seeking funds to build out a factory in North Carolina.