{"id":71910,"date":"2023-07-06T00:00:00","date_gmt":"2023-07-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2023\/07\/06\/nikola-corp-to-liquidate-assets-of-battery-supplier-romeo-power\/"},"modified":"2023-07-06T00:00:00","modified_gmt":"2023-07-06T00:00:00","slug":"nikola-corp-to-liquidate-assets-of-battery-supplier-romeo-power","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2023\/07\/06\/nikola-corp-to-liquidate-assets-of-battery-supplier-romeo-power\/","title":{"rendered":"Nikola Corp to liquidate assets of battery supplier Romeo Power"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Electric truck manufacturer Nikola Corp will liquidate the assets of its battery <\/span><span style=\"font-weight:700\">supplier Romeo Power<\/span><span>, which it acquired less than a year ago for some USD 144 mn in stock to boost battery pack production, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/markets\/deals\/ev-truck-maker-nikola-pull-plug-battery-supplier-romeo-2023-07-03\/\" style=\"\">Reuters<\/a><\/span><span>reports. <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/investors.romeopower.com\/overview\/default.aspx\" style=\"\">Romeo Power<\/a><\/span><span>has struggled to meet investor expectations due to rising commodity costs and limited access to capital. The manufacturer, along with <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.lgensol.com\/en\/index\" style=\"\">LG Energy Solution<\/a><\/span><span> and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.proterra.com\/\" style=\"\">Proterra<\/a><\/span><span>,<\/span><span> supplies batteries for Nikola's prototype electric trucks. The liquidation comes as several other EV startups are facing challenges, such as UK-based Arrival \u2014 which also <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/markets\/deals\/arrival-scrap-plan-merge-with-spac-2023-07-03\/\" style=\"\">canceled its merger<\/a><\/span><span> with a blank-check firm \u2014 and Lordstown Motors, which <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/business\/autos-transportation\/lordstown-motors-files-bankruptcy-sues-foxconn-2023-06-27\/\" style=\"\">filed for bankruptcy<\/a><\/span><span style=\"font-weight:400;\"> last week. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":71911,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[149],"tags":[148,17,59,232],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-71910","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-around-the-world","tag-around-the-world","tag-enterprise-logistics","tag-evs","tag-trucking","wpautop","entry"],"acf":{"mongo_id":"60d15642-ac8c-4660-b611-1b4732700d63","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/7\/173.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Nikola Corp to discontinue operations with battery supplier Romeo Power","related_issue":[71887],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/7\/.7a822107-d7b8-4ca9-af25-0220879ecfd0.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Nikola Corp to liquidate assets of battery supplier Romeo Power - Logistics<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/logistics\/2023\/07\/06\/nikola-corp-to-liquidate-assets-of-battery-supplier-romeo-power\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nikola Corp to liquidate assets of battery supplier Romeo Power\" \/>\n<meta property=\"og:description\" content=\"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. 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