Electric vehicle company, Nikola, has filed for bankruptcy protection due to financial difficulties stemming from lawsuits and challenges to its business model. This news comes as another blow to the EV industry, as the company was once touted as a major player in the market.

The maker of electric trucks and other vehicles had been facing mounting legal battles and controversies prior to filing for bankruptcy. The company's stock price has plummeted, and its reputation has been tarnished by allegations of fraud and misleading investors.

Despite the setbacks, Nikola had been making strides in the EV industry, with plans to introduce new models and expand its presence in the market. However, the financial struggles proved too great, leading to the decision to file for bankruptcy protection.

Industry analysts speculate that Nikola's bankruptcy could have ripple effects throughout the EV sector, as investors and consumers may become more cautious about supporting new companies in the industry. As the landscape continues to evolve, it remains to be seen how other EV makers will fare in the wake of Nikola's downfall.