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Nikola won court permission to auction its Arizona plant, an asset creditors said may prove valuable to automakers as the Trump administration continues to go back and forth on tariffs.

The SEC ranked No. 1 on the roster of largest unsecured creditors when Nikola, a failed maker of EV trucks, sought court protection on Feb. 19, with the regulator owed about $80 million.

The company said it plans to pursue an auction and sale process under Section 363 of the U.S. Bankruptcy Code. A stalking horse bidder will be sought.

Nikola Corp. is working with a law firm and financial advisers to prepare a potential Chapter 11 filing, which would protect it from creditors amid a cash crunch.

Nikola Corp. is exploring options to stave off a cash crunch, including potentially selling part or all of the company, according to people familiar with the matter.

Nikola Corporation, a global leader in zero-emissions transportation and energy supply and infrastructure solutions, released their first-ever sustainability impact report. Nikola’s 2023 Sustainability Impact Report covers environmental and social impacts, reporting, and progress towards Nikola’s sustainability priorities.

Truck maker Nikola recently reduced staffing levels as it seeks to control costs.

Hydrogen fuel cell electric vehicles may be envisioned as the future workhorse of a decarbonized longhaul freight sector, but their development has proceeded at a measured pace.

Losses at truck maker Nikola more than halved year on year in the third quarter as a result of record sales, cost cutting and the absence of expenses incurred in the year-ago period.

“Despite overall market headwinds, Nikola remains focused on our mission to pioneer solutions for a zero-emission world, and we’re doing it one truck at a time,” CEO Steve Girsky said.