Nikola, once a promising name in the electric truck industry and at one point valued higher than Ford and Chrysler combined, has filed for Chapter 11 bankruptcy protection. The Arizona-based startup has cited significant cash burn, recent scandals, and the ongoing downturn in the electric vehicle market as contributing factors to its financial collapse. As part of the bankruptcy process, Nikola plans to sell off its assets, including its intellectual property. This bankruptcy filing adds Nikola to the growing list of electric vehicle manufacturers facing severe financial challenges.