The fraudulent trail of Nikola founder Trevor Milton begins in New York

A photo of Trevor Milton, founder of Nikola, with a black mask.


The fraud trial of Trevor Milton, the founder of electric vehicle startup Nikola, begins today, striking that Stellantis workers have “tentatively” agreed on a new deal and Nissan extends the closure of its factory in Russia. All this and more The morning shift for 12 September 2022.

1st gear: Trevor Milton’s trial for fraud begins

The troubled electric vehicle startup Nikola is back in the news this week. Not because finally started shipping electric trucks in significant quantities, Oh no. Instead, it is because the fraud trial of its founder, Trevor Milton, is about to begin.

Milton founded Nikola in 2015 and went on to present several electric vehicle concepts for the startup. But an investigation in 2019 claims he tried to defraud investors and lied about the company’s progress. Reuters reports:

Milton, 40, pleaded not guilty to two counts of securities fraud and two counts of computer fraud. His attorneys have indicated that they will argue that Milton had no intention of defrauding investors and that other senior Nikola executives, including his general counsel, have endorsed Milton’s statements.

Milton was indicted last year. Prosecutors said he made false statements about Nikola’s progress in developing his technology when the company joined the growing number of publicly traded tech and electric vehicle companies through Special Purpose Acquisition Vehicles or SPACs.

Milton’s trial comes after Nikola agrees a settlement agreement with the US Securities and Exchange Commission. Last December, was charged with investor fraud and agreed to pay $ 125 million to settle the case.

Milton’s fraud trial begins today with jury selection at the federal court in Manhattan.

2nd gear: Stellantis workers agree on the deal

Everyone on strike right now, it seems. VW workers in Mexico are threatening union action, Lufthansa employees in Germany could walk and US railroad workers are also considering job stoppage.

But, after quitting their jobs this weekend, Stellantis workers in Indiana have agreed on a new deal with the automaker. The Associated Press reports that an “interim agreement” has been reached by members of the United Auto Workers union and the owner of the Dodge. According to the AP:

United Auto Workers union members who went on strike at the Stellantis casting plant in Indiana on Saturday reached an interim agreement with the company.

The UAW Local 1166 bargaining committee announced an attempted deal in a blog post, stating that a ratification vote will be held on Monday.

Stellantis confirmed the provisional deal on Monday.

Auto workers said the strike is related to health and safety concerns at the site, which Stellantis claims is the “largest diecast in the world. ease. ”The UAW said so the new agreement “addresses the most important issues”.

Members will vote to ratify the new agreement later today.

3rd gear: Nissan extends Russian factory suspension

As Stellantis prepares to reopen its plant, Japanese carmaker Nissan has extended the closure of one of its sites. The company closed its assembly line in Russia in March and will now extend the closure for another three months.

Reuters reports that Nissan closed his S. St. Petersburg plant after the Russian invasion of Ukraine in March. Now, the company says it will extend the closure until the end of December 2022. Production was originally it should resume in September. According to Reuters:

Production in St. Petersburg is suspended until the end of December and employees have been informed. We continue to monitor the situation closely and will take the necessary measures “, a Nissan spokesman said.

According to the Nikkei newspaper, the suspension of the Nissan plant has been extended due to continuing difficulties in sourcing parts from Europe and Japan.

In addition to closing its operations in Russia, Nissan has also offered humanitarian aid in Ukraine after the Russian invasion. In March, the company created a 2.5 million euro fund to support the humanitarian crisis in Ukraine.

4th gear: Do Android tractors dream of electric sheep?

Apparently endless quest to perfect the autonomous vehicle is also underway in the world of tractors, as an American company Deere has pledged a multi-billion dollar investment in self-driving tractors.

The investment is all part of the American tractor manufacturer aims to make agricultural machinery more efficient, relationships The Wall Street newspaper. As such, Deere will soon begin launching self-driving tractors capable of self-plowing, as will others “smart “ machines such as sprayers. The WSJ relationships:

Deere, which for the past 20 years has helped make satellite-guided tractors ubiquitous in the U.S. agricultural belt, is investing billions of dollars to develop smarter machines that, according to the company, will make farming faster and more efficient than how it could never be with just the farmers behind the wheel.

The investment covers the creation of new agricultural hardware with which it is equipped sensors, scanners, and other means of autonomous driving. Deere will also develop the software needed to independently operate these machines.

It has high hopes for the technology to roll out, with Deere chief executive John May saying it could have 1.5 million machines in service relying on its software by 2026. It’s that software that could even account for 10 percent of the company’s revenue by the end of the decade.

5th gear: Dodge Dealer fined for discrimination

A dodge dealer in Colorado was fined over $ 900,000 following a US Equal Employment Opportunity Commission investigation. Christopher’s Dodge Ram in the state of the US was ordered to pay $ 935,000 after the EEOC said the business “discriminated against women applying for sales positions.”

Automotive News relationships that the sanction relates to one of the two EEOC discrimination investigations. According to the site:

The recent $ 935,000 settlement is the result of a process the EEOC calls conciliation, which is an informal option the federal agency offers prior to legal action, according to its website. Another investigation led to a lawsuit filed in late 2021, which is still pending in the United States District Court in Colorado.

The EEOC said Christopher’s Dodge Ram did not hire female employees for sales positions and did not keep records at its Golden, Colorado dealership. Dealership leaders deny the allegations, said Courtney Kramer, the attorney representing the dealership in the deal.

Although the dealership’s lawyer states that “the conciliation agreement is not unlawful”, the company has undertaken to make changes following the fine.

The Colorado concessionaire has agreed to increase female representation, change hiring record keeping and provide equal opportunity training to all employees.

Reverse: boat or bridge? You decide


Leave a Reply

%d bloggers like this: