Nikola Corp to liquidate assets of battery supplier Romeo Power

Electric truck manufacturer Nikola Corp will liquidate the assets of its battery supplier Romeo Power, which it acquired less than a year ago for some USD 144 mn in stock to boost battery pack production, Reutersreports. Romeo Powerhas struggled to meet investor expectations due to rising commodity costs and limited access to capital. The manufacturer, along with LG Energy Solution and Proterra, supplies batteries for Nikola's prototype electric trucks. The liquidation comes as several other EV startups are facing challenges, such as UK-based Arrival — which also canceled its merger with a blank-check firm — and Lordstown Motors, which filed for bankruptcy last week.