The founding of an electric truck company faces significant prison time for his role in a fraud case that demonstrates the destruction left behind by electric vehicle startups. Trevor Milton, the founder of Nikola Motor, is expected to be sentenced in Manhattan on Monday after being found guilty of securities and wire fraud. He is accused of inflating Nikola’s stock value by making false claims, with the prosecution seeking an 11-year prison term and a $5 million fine. Similar situations have impacted other electric vehicle startups like Canoo, Lordstown Motors, and Lucid Motors. Investors have suffered enormous losses, chilling investment in the electric vehicle industry. Even well-funded ventures like Rivian have seen their stock prices drop drastically. Nikola’s failings have left investors with more than $660 million in losses.
