Electric truck maker Nikola has filed for Chapter 11 bankruptcy protection after failing to secure a buyer or raise additional funds to sustain operations.

Once valued at over $30 billion and considered a major disruptor in the automotive industry, the company’s downfall has been marked by financial troubles, vehicle recalls, and scandals surrounding its founder, Trevor Milton, who was convicted of fraud in 2022.

Despite efforts to stay afloat under new leadership, Nikola struggled with dwindling cash reserves and a challenging market for electric vehicle startups. The company now plans to auction off its assets, pending court approval, as it attempts to exit bankruptcy.