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Nikola Corporation (Nasdaq: NKLA), a once-promising electric vehicle startup, filed for Chapter 11 bankruptcy protection Wednesday after failing to secure a buyer or raise additional funds to sustain operations. The Phoenix-based company, known for its hydrogen and battery-electric trucks, announced that it will pursue a structured sale of its assets under Section 363 of the U.S. Bankruptcy Code. Nikola enters Chapter 11 with approximately $47 million in cash to fund ongoing activities, including the sale process and an orderly wind-down of its business. The company has filed customary “first day” motions to ensure limited operations can continue, including employee obligations and certain HYLA fueling operations through March 2025. However, the long-term future of its service network and fueling infrastructure depends on securing new partners. Not enough “With the dedication of our employees and support from our partners, Nikola has taken significant steps to move zero-emissions transportation forward, including bringing the first commercially available Class 8 hydrogen fuel cell electric trucks to market in North America and developing the HYLA hydrogen refueling highway,” said Nikola President and CEO Steve Girsky. “Unfortunately, our very best efforts have not been enough to overcome these significant challenges, and the Board has determined that Chapter 11 represents the best possible path forward under the circumstances for the Company and its stakeholders.” The company’s collapse follows years of financial and legal troubles. Founder and former CEO Trevor Milton was convicted of securities and wire fraud in 2022 for misleading investors about Nikola’s technology. Production of its core productsbattery-electric and hydrogen fuel cell semi-trucksbegan in 2022, but only 600 units had been produced by late 2024. Recalls and manufacturing issues further drained its resources. Failed Expectations Adding to its difficulties, Nikola has faced an increasingly uncertain regulatory landscape. The suspension of the National Electric Vehicle Infrastructure (NEVI) programa federal initiative designed to subsidize EV charging infrastructurehas raised concerns about the long-term viability of hydrogen and battery-electric trucking. Additionally, proposed rollbacks on EV tax credits have introduced further instability, potentially dampening demand for zero-emissions commercial vehicles. Despite months of seeking alternatives, Nikola determined that a structured sale process was the best way to maximize the value of its assets. The proposed bidding procedures, pending court approval, will allow interested partiesincluding strategic and financial buyersto submit binding offers. Girsky had previously stated in October that Nikola was actively talking to lots of potential different partners who value what we do and value what weve built. However, despite its efforts to secure financing, the company warned investors in late 2024 that it lacked the capital to continue operations beyond early 2025. Nikola’s stock, which once peaked at around $80 per share in 2020, is now trading for under $0.50 per share, reflecting the company’s significant financial struggles. As of February 2025, the stock price is approximately $0.46 per share. The company now joins a growing list of EV startups that failed to meet initial expectations, underscoring the sector’s financial volatility and dependence on shifting regulatory policies.
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Apple has introduced its first new product of 2025: the iPhone 16E. The new iPhone replaces the iPhone SE from Apples lineupthe companys entry-level, budget iPhone. But the iPhone 16E is more than just a minor spec update to the existing third-generation iPhone SE, which debuted nearly three years ago. As its name suggests, Apples new entry-level device has more in common with its flagship iPhone 16 series, introduced last year, than the now-discontinued iPhone SE of old. Here are five major changes Apple has made and who, exactly, the new iPhone 16E is for. [Photo: Apple] A new design with a 6.1-inch display The most noticeable thing about the iPhone 16E is that in design, it more closely resembles modern-day iPhones, such as the iPhone 15 and iPhone 16, the latter from which it derives its name. The iPhone SE that the iPhone 16E replaced retained the same design as the iPhone 8 back in 2017. That design included a thick forehead and chin squeezing the tiny, 4.7-inch display from the top and bottom. With the elimination of the top and bottom bumpers around the display, Apple has been able to grow the size of the 16E’s screen by 1.4 inches. Yet, because Apple has done this by eliminating those ugly bumpers, Apple managed to only grow the physical size of the entire device by a few millimeters on all sides. But most importantly about the iPhone 16Es new design is that Apples entry-level iPhone now more closely resembles all other modern-day, entry-level phonesincluding Android ones. Consumers are used to smartphones having near edge-to-edge displays and the fact that the iPhone SE never had this turned many off the device. Face ID replaces Touch ID Another big change with the iPhone 16E is that it adopts Face ID, Apples biometric authentication system. This means that with the introduction of the iPhone 16E, Apple no longer sells a phone with the companys groundbreaking Touch ID biometric authentication system it first introduced in 2013. Not only does the elimination of Touch ID mean the iPhones once-iconic physical home button is now a thing of the past, but it also means that the iPhone 16E is more secure than the iPhone SE ever was. Thats because Face ID has a false-positive rate of one in a million, whereas Touch ID has a false-positive rate of just one in 50,000. Thats a 20x improvement in biometric security. Bye-bye Lightning port, hello USB-C But for many people with multiple modern devices, the most welcome change to the iPhone 16E is that Apple has finally replaced the archaic Lightning port on its entry-level iPhone. Instead of Lightning, the iPhone 16E now features a universal USB-C port, which means that you no longer need to rely on proprietary cables to charge your iPhone. The iPhone 16E, like other modern iPhones and Android phones, can now be charged with any USB-C cable, even if that cable is the one that came with your MacBook Pro or your Samsung Galaxy device. A18 chip and an Apple-built 5G modem Internally, Apple has given the iPhone 16E a massive performance boost over the iPhone SE it replaces. The new iPhone 16E now features the same A18 chip that is found in the iPhone 16 (a huge improvement over the A15 in the previous iPhone SE). Additionally, the iPhone 16E has also received a RAM boost to 8GB (from the 4GB found in the SE). Theres a reason for the generous chip and RAM upgrades, which Ill get to next. But first, it’s also worth mentioning that the iPhone 16E has a first for any iPhone: Its the first Apple device to use Apples new custom 5G modem. Apple didnt give many details about its new custom cellular modem, dubbed the Apple C1, beyond saying that the modem is the most power-efficient modem ever on an iPhone. [Photo: Apple] Apple Intelligence built-in But getting back to that A18 chips boost and doubling of the RAM to 8GB. Theres a reason Apple has done that. It allows the new iPhone 16E to run Apple Intelligence, Apples new AI platform introduced with iOS 18.1. Apple sees Apple Intelligence as a potential major driver of iPhone sales in the short and long term. Given that Apple usually only updates its entry-level iPhone once every three or so years, the company wants to make sure that the iPhone 16E will be able to run Apple Intelligence for the foreseeable futuremaking it appealing to cost-conscious and AI-curious consumers, no matter if they buy the device this year or next. Who is the iPhone 16E for? Apple is positioning the iPhone 16E as the companys new low-cost iPhone. However, in some regards, the iPhone 16E is a better choice than the iPhone 15, which Apple continues to sell. To be sure, the iPhone 15 still offers some better features, including a dual-lens rear camera setup (versus the single-lens camera found on the iPhone 16E). But the iPhone 15 lacks the necessary chipset and RA to run Apple Intelligence. Thats why if you are looking for the lowest-cost iPhone that is built for today’s AI world, the iPhone 16E is a better choice than the iPhone 15. However, if you are looking for the lowest-cost iPhone with a more modern camera system, the iPhone 15, with its dual-lens setup, is better than the iPhone 16E. The iPhone 15 also sports the Dynamic Island, which the iPhone 16E lacks (yes, the iPhone 16E has the notch). Another minus for the iPhone 16E is its lack of MagSafe, the iPhone feature that lets you magnetically attach devices like power banks to your iPhone to charge the device. But while the iPhone 16E offers several benefits over the iPhone SE it replaces, there is one drawback the device has gaineda price rise. The previous iPhone SE started at just $429. The new iPhone 16E starts at $599a staggering $170 more than the SE. This high price means it’s debatable as to whether Apple actually offers a budget iPhone any longer. Preorders for the iPhone 16E begin this Friday, February 21. The device will go on sale to the public a week later on Friday, February 28.
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With a new streamlined application, its easier than ever to apply to Fast Companys Best Workplaces for Innovators. Here are six reasons why you should apply to our seventh annual BWFI program. 6 reasons to apply 1. Brand exposure. Every company ranked in the top 100 or earning honoree status in a category will appear in the fall (September) issue of the magazine and on fastcompany.com. 2. Talent retention. Public recognition as a Best Workplace for Innovators honoree provides powerful third-party validation that enhances your ability to recruit and retain top talent. 3. Editorial access. Fast Company editors will review all applications; the application represents an opportunity to highlight individuals and projects that showcase your company’s innovative prowess. The insight Fast Company editors glean from judging applications informs our ongoing coverage, often leading to stories. 4. Credibility. Fast Company’s reputation for writing about innovation is unparalleled in business media. Inclusion on the Best Workplaces for Innovators list is a powerful stamp of approval of your company’s efforts. 5. Employee recognition. The program honors an Innovative Team of the Year as well as an Innovative Leader of the Year, along with finalists in each category. 6. A level playing field. Every company is unique, so the application is structured to allow your company to focus on whatever particular initiatives and programs youve established to cultivate innovative work across your organization. There are different categories for different size companies, as well as companies from different regions and those with a particular focus on AI, automation, and machine learning. Outstanding achievement in business innovation For more than 15 years, Fast Company has been recognizing outstanding achievement in business innovation with its annual awards programs. In addition to Best Workplaces for Innovators, Fast Company’s Most Innovative Companies, Innovation by Design, World Changing Ideas, Brands That Matter, and the Next Big Thing in Tech lists have celebrated thousands of organizations transforming industries and shaping society through paradigm-shifting products, insights, or services. What differentiates Best Workplaces for Innovators from existing best-places-to-work lists is that it goes beyond benefits, competitive compensation, and collegiality (mere table stakes in today’s competitive talent marketplace) to identify which companies are actively creating and sustaining the kinds of innovative cultures that many top employees value even more than money. These are the places where people can do the best work of their careers and improve the lives of hundreds, thousands, even millions of people around the world. Best Workplaces for Innovators is the most authoritative list of companies cultivating an organization-wide commitment to innovation. We hope you’ll submit your company today. For more information on applying, see the FAQs. But don’t delaythe final deadline is March 28.
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