Nikola to keep up ‘limited operations’ and will pay its employees while it pursues an auction and sale process.

Troubled electric vehicle maker Nikola has filed for Chapter 11 bankruptcy protection months after saying that it would likely run out of cash early this year. Nikola was a hot startup and rising star on Wall Street before becoming enmeshed in scandal and its founder was convicted in 2022 for misleading investors about the Arizona company's technology.