Nikola plans to liquidate recently acquired Romeo Power.

Nikola agreed a deal to acquire the battery maker for US$144m in stock in August 2022.

“Nikola is discontinuing its operations with Romeo Power and has commenced a proceeding under the California Assignment for the Benefit of Creditors (ABC) statutory scheme,” a company spokesman said in a statement cited by Reuters.

According to the news agency, in the past year the American heavy duty EV manufacturer had faced challenges meeting expectations of its early investors due to increased commodity prices and limited access to capital.

Iveco Group assumed full ownership of Nikola Corporation in May 2023.

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