Nikola (0A3R) 10-Q 3 Aug 21 2021 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2021	Jul. 29, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-38495
Entity Registrant Name	Nikola Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-4151153
Entity Address, Address Line One	4141 E Broadway Road
Entity Address, City or Town	Phoenix
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85040
City Area Code	480
Local Phone Number	666-1038
Title of 12(b) Security	Common stock, $0.0001 par value per share
Trading Symbol	NKLA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		398,253,825
Entity Central Index Key	0001731289
Document Fiscal Year Focus	2021
Amendment Flag	false
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 632,694	$ 840,913
Restricted cash and cash equivalents	0	4,365
Inventory	2,267	0
Prepaid in-kind services	18,548	46,271
Prepaid expenses and other current assets	9,776	5,368
Total current assets	663,285	896,917
Restricted cash and cash equivalents	0	4,000
Long-term deposits	16,670	17,687
Property, plant and equipment, net	166,367	71,401
Intangible assets, net	50,000	50,050
Investment in affiliates	63,639	8,420
Goodwill	5,238	5,238
Total assets	965,199	1,053,713
Current liabilities
Accounts payable	58,064	29,364
Accrued expenses and other current liabilities	26,725	18,809
Term note, current	0	4,100
Total current liabilities	84,789	52,273
Finance lease liabilities	13,491	13,956
Warrant liability	8,895	7,335
Deferred tax liabilities, net	10	8
Total liabilities	107,185	73,572
Commitments and contingencies (Note 11)
Common stock issued for investment in affiliates including common stock subject to Put Right	13,237	0
Stockholders' equity
Preferred stock, $0.0001 par value, 150,000,000 shares authorized, no shares issued and outstanding as of June 30, 2021 and December 31, 2020	0	0
Common stock, $0.0001 par value, 600,000,000 shares authorized, 397,077,561 and 391,041,347 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively	40	39
Additional paid-in capital	1,668,362	1,540,037
Accumulated other comprehensive income	4	239
Accumulated deficit	(823,629)	(560,174)
Total stockholders' equity	844,777	980,141
Total liabilities and stockholders' equity	$ 965,199	$ 1,053,713

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Stockholders' equity
Preferred stock, par or stated value per share (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	150,000,000	150,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par or stated value per share (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	397,077,561	391,041,347
Common stock, shares outstanding (in shares)	397,077,561	391,041,347

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Solar revenues	$ 0	$ 36	$ 0	$ 94
Cost of solar revenues	0	30	0	73
Gross profit	0	6	0	21
Operating expenses:
Research and development	67,726	42,525	122,889	66,602
Selling, general, and administrative	70,672	44,104	136,099	52,039
Total operating expenses	138,398	86,629	258,988	118,641
Loss from operations	(138,398)	(86,623)	(258,988)	(118,620)
Other income (expense):
Interest income (expense), net	(92)	22	(101)	84
Loss on forward contract liability	0	0	0	(1,324)
Revaluation of warrant liability	(2,511)	(29,157)	(1,560)	(29,157)
Other income (expense), net	(1,102)	(23)	(883)	91
Loss before income taxes and equity in net loss of affiliates	(142,103)	(115,781)	(261,532)	(148,926)
Income tax expense	2	1	3	2
Loss before equity in net loss of affiliates	(142,105)	(115,782)	(261,535)	(148,928)
Equity in net loss of affiliates	(1,126)	0	(1,920)	0
Net loss attributable to common stockholders	(143,231)	(115,782)	(263,455)	(148,928)
Premium paid on repurchase of redeemable convertible preferred stock	0	(13,407)	0	(13,407)
Adjusted net loss, diluted	(143,231)	(129,189)	(263,455)	(162,335)
Adjusted net loss, basic	$ (143,231)	$ (129,189)	$ (263,455)	$ (162,335)
Net loss per share attributable to common stockholders:
Basic (in dollars per share)	$ (0.36)	$ (0.43)	$ (0.67)	$ (0.56)
Diluted (in dollars per share)	$ (0.36)	$ (0.43)	$ (0.67)	$ (0.56)
Weighted-average shares outstanding:
Basic (in shares)	394,577,711	303,785,616	393,390,377	287,822,558
Diluted (in shares)	394,577,711	303,785,616	393,390,377	287,822,558

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Statement) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net loss attributable to common stockholders	$ (143,231)	$ (115,782)	$ (263,455)	$ (148,928)
Other comprehensive income (loss):
Foreign currency translation adjustment, net of tax	78	0	(235)	0
Comprehensive loss	$ (143,153)	$ (115,782)	$ (263,690)	$ (148,928)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands		Total	Revision of Prior Period, Adjustment	Previously Reported	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Common StockRevision of Prior Period, Adjustment	Common StockPreviously Reported	Additional Paid-in Capital	Additional Paid-in CapitalRevision of Prior Period, Adjustment	Additional Paid-in CapitalPreviously Reported	Accumulated Deficit	Accumulated DeficitRevision of Prior Period, Adjustment	Accumulated DeficitPreviously Reported	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss)Cumulative Effect, Period of Adoption, Adjustment
Balance at beginning of period (in shares) at Dec. 31, 2019			(82,297,742)	82,297,742
Balance at beginning of period at Dec. 31, 2019			$ (383,987)	$ 383,987
Balance at end of period (in shares) at Mar. 31, 2020			(84,095,913)	84,095,913
Balance at end of period at Mar. 31, 2020			$ (414,664)	$ 414,664
Balance at beginning of period (in shares) at Dec. 31, 2019						270,826,092	210,658,758	60,167,334
Balance at beginning of period at Dec. 31, 2019		$ 195,508	383,987	(188,479)	$ (828)	$ 27	$ 26	$ 1	$ 383,961	$ 383,961	$ 0	$ (188,480)	$ 0	$ (188,480)		$ (828)
Balance at end of period (in shares) at Mar. 31, 2020						274,245,640	214,077,660	60,167,980
Balance at end of period at Mar. 31, 2020		$ 193,526	$ 414,664	$ (221,138)		$ 27	$ 26	$ 1	415,953	414,638	1,315	(222,454)	0	(222,454)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible Enumeration]		us-gaap:AccountingStandardsUpdate201602Member
Balance at beginning of period (in shares) at Dec. 31, 2019			(82,297,742)	82,297,742
Balance at beginning of period at Dec. 31, 2019			$ (383,987)	$ 383,987
Balance at end of period (in shares) at Jun. 30, 2020		0
Balance at end of period at Jun. 30, 2020		$ 0
Balance at beginning of period (in shares) at Dec. 31, 2019						270,826,092	210,658,758	60,167,334
Balance at beginning of period at Dec. 31, 2019		195,508	$ 383,987	$ (188,479)	$ (828)	$ 27	$ 26	$ 1	383,961	383,961	0	(188,480)	0	(188,480)		$ (828)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Series D redeemable convertible preferred stock, net of issuance costs (in shares)						6,581,340
Issuance of Series D redeemable convertible preferred stock, net of issuance costs		56,250				$ 1			56,249
Issuance of Series D redeemable convertible preferred stock for in-kind contribution (in shares)						9,443,353
Issuance of Series D redeemable convertible preferred stock for in-kind contribution		91,999				$ 1			91,998
Business Combination and PIPE financing (in shares)						72,272,942
Shares issued during period, value, recapitalization		594,522				$ 7			594,515
Exercise of stock options (in shares)						1,786,912
Exercise of stock options		1,884							1,884
Stock-based compensation		39,540							39,540
Net loss attributable to common stockholders		(148,928)										(148,928)
Balance at end of period (in shares) at Jun. 30, 2020						360,910,639
Balance at end of period at Jun. 30, 2020		$ 829,947				$ 36			1,168,147			(338,236)
Balance at beginning of period (in shares) at Mar. 31, 2020			(84,095,913)	84,095,913
Balance at beginning of period at Mar. 31, 2020			$ (414,664)	$ 414,664
Balance at end of period (in shares) at Jun. 30, 2020		0
Balance at end of period at Jun. 30, 2020		$ 0
Balance at beginning of period (in shares) at Mar. 31, 2020						274,245,640	214,077,660	60,167,980
Balance at beginning of period at Mar. 31, 2020		193,526	$ 414,664	$ (221,138)		$ 27	$ 26	$ 1	415,953	$ 414,638	$ 1,315	(222,454)	$ 0	$ (222,454)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Series D redeemable convertible preferred stock, net of issuance costs (in shares)	[1]					5,215,933
Issuance of Series D redeemable convertible preferred stock, net of issuance costs	[1]	45,573				$ 1			45,572
Issuance of Series D redeemable convertible preferred stock for in-kind contribution (in shares)	[1]					7,390,436
Issuance of Series D redeemable convertible preferred stock for in-kind contribution	[1]	71,999				$ 1			71,998
Business Combination and PIPE financing (in shares)						72,272,942
Shares issued during period, value, recapitalization		594,522				$ 7			594,515
Exercise of stock options (in shares)						1,785,688
Exercise of stock options		1,882							1,882
Stock-based compensation		38,227							38,227
Net loss attributable to common stockholders		(115,782)										(115,782)
Balance at end of period (in shares) at Jun. 30, 2020						360,910,639
Balance at end of period at Jun. 30, 2020		829,947				$ 36			1,168,147			(338,236)
Balance at beginning of period at Dec. 31, 2020		0
Balance at end of period at Jun. 30, 2021		13,237
Balance at beginning of period (in shares) at Dec. 31, 2020						391,041,347
Balance at beginning of period at Dec. 31, 2020		980,141				$ 39			1,540,037			(560,174)			$ 239
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)						2,929,917
Exercise of stock options		3,626				$ 1			3,625
Issuance of shares for RSU awards (in shares)						1,268,227
Common stock issued for commitment shares (in shares)						155,703
Common stock issued for commitment shares		2,625							2,625
Common stock issued for investment in affiliates (in shares)						1,682,367
Common stock issued for investment in affiliates, net of common stock with embedded put right		19,139							19,139
Stock-based compensation		102,936							102,936
Net loss attributable to common stockholders		(263,455)										(263,455)
Other comprehensive income		(235)													(235)
Balance at end of period (in shares) at Jun. 30, 2021						397,077,561
Balance at end of period at Jun. 30, 2021		844,777				$ 40			1,668,362			(823,629)			4
Balance at end of period at Jun. 30, 2021		13,237
Balance at beginning of period (in shares) at Mar. 31, 2021						393,745,157
Balance at beginning of period at Mar. 31, 2021		$ 912,283				$ 39			1,592,716			(680,398)			(74)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		2,929,917				1,033,250
Exercise of stock options		$ 1,213				$ 1			1,212
Issuance of shares for RSU awards (in shares)						461,084
Common stock issued for commitment shares (in shares)						155,703
Common stock issued for commitment shares		2,625							2,625
Common stock issued for investment in affiliates (in shares)						1,682,367
Common stock issued for investment in affiliates, net of common stock with embedded put right		19,139							19,139
Stock-based compensation		52,670							52,670
Net loss attributable to common stockholders		(143,231)										(143,231)
Other comprehensive income		78													78
Balance at end of period (in shares) at Jun. 30, 2021						397,077,561
Balance at end of period at Jun. 30, 2021		$ 844,777				$ 40			$ 1,668,362			$ (823,629)			$ 4
[1]	Issuance of Series D redeemable convertible preferred stock has been retroactively restated to give effect to the recapitalization transaction.

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities
Net loss attributable to common stockholders	$ (263,455)	$ (148,928)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	3,710	2,926
Stock-based compensation	102,936	39,540
Deferred income taxes	2	2
Non-cash in-kind services	27,723	17,241
Loss on forward contract liability	0	1,324
Equity in net loss of affiliates	1,920	0
Revaluation of warrant liability	1,560	29,157
Issuance of common stock for commitment shares	2,625	0
Loss on sale of equipment	1,008	0
Changes in operating assets and liabilities:
Inventory	(2,267)	0
Prepaid expenses and other current assets	(4,024)	(779)
Accounts payable, accrued expenses and other current liabilities	9,535	9,064
Long-term and customer deposits	(7,247)	4,892
Net cash used in operating activities	(125,974)	(45,561)
Cash flows from investing activities
Purchases and deposits of property, plant and equipment	(64,787)	(6,303)
Investments in affiliates	(25,000)	0
Proceeds from sale of equipment	200	0
Net cash used in investing activities	(89,587)	(6,303)
Cash flows from financing activities
Proceeds from issuance of Series D redeemable convertible preferred stock, net of issuance costs paid	0	50,349
Business Combination and PIPE financing, net of issuance costs paid	0	616,736
Proceeds from the exercise of stock options	3,839	1,884
Proceeds from landlord of finance lease	0	889
Payments on finance lease liabilities	(518)	(544)
Proceeds from note payable	0	4,134
Payment of note payable	(4,100)	(4,134)
Payments for issuance costs	(244)	0
Net cash provided by (used in) financing activities	(1,023)	669,314
Net increase (decrease) in cash and cash equivalents, including restricted cash	(216,584)	617,450
Cash and cash equivalents, including restricted cash, beginning of period	849,278	89,832
Cash and cash equivalents, including restricted cash, end of period	632,694	707,282
Supplementary cash flow disclosures:
Cash paid for interest	372	490
Cash interest received	384	479
Supplementary disclosures for noncash investing and financing activities:
Purchases of property, plant and equipment included in liabilities	33,389	1,371
Accrued deferred issuance costs	352	0
Non-cash prepaid in-kind services	0	74,758
Accrued Business Combination and PIPE transaction costs	0	295
Net liabilities assumed from VectoIQ	0	21,919
Leased assets obtained in exchange for new finance lease liabilities	145	0
Common stock issued for commitment shares	2,625	0
Common stock issued for investments in affiliates, including common stock with embedded put right	$ 32,376	$ 0

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Statement of Stockholders' Equity [Abstract]
Payments of stock issuance costs	$ 5,571	$ 8,403

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION (a) Overview Nikola Corporation (‘‘Nikola’’ or the ‘‘Company’’) is a designer and manufacturer of heavy-duty commercial battery-electric and hydrogen-electric vehicles and energy infrastructure solutions. On June 3, 2020 (the "Closing Date"), VectoIQ Acquisition Corp. ("VectoIQ"), consummated the previously announced merger pursuant to the Business Combination Agreement, dated March 2, 2020 (the "Business Combination Agreement"), by and among the VectoIQ, VCTIQ Merger Sub Corp., a wholly-owned subsidiary of VectoIQ incorporated in the State of Delaware ("Merger Sub"), and Nikola Corporation, a Delaware corporation ("Legacy Nikola"). Pursuant to the terms of the Business Combination Agreement, a business combination between the Company and Legacy Nikola was effected through the merger of Merger Sub with and into Legacy Nikola, with Legacy Nikola surviving as the surviving company and as a wholly-owned subsidiary of VectoIQ (the "Business Combination"). On the Closing Date, and in connection with the closing of the Business Combination, VectoIQ changed its name to Nikola Corporation. Legacy Nikola was deemed the accounting acquirer in the Business Combination based on an analysis of the criteria outlined in Accounting Standards Codification ("ASC") 805. This determination was primarily based on Legacy Nikola's stockholders prior to the Business Combination having a majority of the voting interests in the combined company, Legacy Nikola's operations comprising the ongoing operations of the combined company, Legacy Nikola's board of directors comprising a majority of the board of directors of the combined company, and Legacy Nikola's senior management comprising the senior management of the combined company. Accordingly, for accounting purposes, the Business Combination was treated as the equivalent of Legacy Nikola issuing stock for the net assets of VectoIQ, accompanied by a recapitalization. The net assets of VectoIQ are stated at historical cost, with no goodwill or other intangible assets recorded. While VectoIQ was the legal acquirer in the Business Combination, because Legacy Nikola was deemed the accounting acquirer, the historical financial statements of Legacy Nikola became the historical financial statements of the combined company, upon the consummation of the Business Combination. As a result, the financial statements included in this report reflect (i) the historical operating results of Legacy Nikola prior to the Business Combination; (ii) the combined results of the Company and Legacy Nikola following the closing of the Business Combination; (iii) the assets and liabilities of Legacy Nikola at their historical cost; and (iv) the Company’s equity structure for all periods presented. In accordance with guidance applicable to these circumstances, the equity structure has been restated in all comparative periods up to the Closing Date, to reflect the number of shares of the Company's common stock, $0.0001 par value per share, issued to Legacy Nikola's stockholders in connection with the recapitalization transaction. As such, the shares and corresponding capital amounts and earnings per share related to Legacy Nikola redeemable convertible preferred stock and Legacy Nikola common stock prior to the Business Combination have been retroactively restated as shares reflecting the exchange ratio established in the Business Combination Agreement. Activity within the statement of stockholders' equity for the issuances and repurchases of Legacy Nikola's redeemable convertible preferred stock, were also retroactively converted to Legacy Nikola common stock. (b) Unaudited Consolidated Financial Statements The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) and pursuant to the regulations of the U.S. Securities and Exchange Commission (“SEC”). The unaudited financial information reflects, in the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair statement of the Company's financial position, results of operations and cash flows for the periods indicated. The results reported for the interim period presented are not necessarily indicative of results that may be expected for the full year. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2020 included in the Company's Annual Report on Form 10-K/A for the year ended December 31, 2020. Certain prior period balances were conformed to the restated consolidated financial statements, as previously disclosed in the Company's Annual Report on Form 10-K/A for the year ended December 31, 2020, due to the accounting for warrant liabilities. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated. Certain prior period balances have been reclassified to conform to the current period presentation in the consolidated financial statements and the accompanying notes. All dollar amounts are in thousands, unless otherwise noted. Share and per share amounts are presented on a post-conversion basis for all periods presented, unless otherwise specified. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. (c) Funding Risks and Going Concern As an early stage growth company, the Company's ability to access capital is critical. Until the Company can generate sufficient revenue to cover its operating expenses, working capital and capital expenditures, the Company will need to raise additional capital. Additional stock financing may not be available on favorable terms and could be dilutive to current stockholders. Debt financing, if available, may involve restrictive covenants and dilutive financing instruments. The Company’s ability to access capital when needed is not assured and, if capital is not available to the Company when, and in the amounts needed, the Company could be required to delay, scale back, or abandon some or all of its development programs and other operations, which could materially harm the Company’s business, financial condition and results of operations. These financial statements have been prepared by management in accordance with GAAP and this basis assumes that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. These financial statements do not include any adjustments that may result from the outcome of this uncertainty. As of the date of this Quarterly Report on Form 10-Q, the Company’s existing cash resources and existing borrowing availability are sufficient to support planned operations for the next 12 months. As a result, management believes that the Company's existing financial resources are sufficient to continue operating activities for at least one year past the issuance date of the financial statements.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Cash, Cash Equivalents and Restricted Cash and Cash Equivalents The Company considers all highly liquid investments purchased with a remaining maturity of three months or less to be cash equivalents. Additionally, the Company considers investments in money market funds with a floating net asset value to be cash equivalents. As of June 30, 2021 and December 31, 2020, the Company had $632.7 million and $840.9 million of cash and cash equivalents, which included cash equivalents of $609.0 million and $827.1 million of highly liquid investments at June 30, 2021 and December 31, 2020, respectively. As of June 30, 2021 and December 31, 2020, the Company had zero and $4.1 million, respectively, in an escrow account related to the securitization of the term loan with JP Morgan Chase included in restricted cash and cash equivalents. The term loan was repaid by the Company during the first quarter of 2021. Additionally, as of June 30, 2021 and December 31, 2020, the Company had zero and $4.0 million, respectively, included in non-current restricted cash and cash equivalents for the required deposit to Pinal Land Holdings, LLC ("PLH"), which was deposited in escrow during the first quarter of 2021 pursuant to the terms of the land conveyance agreement. Further, as of June 30, 2021 and December 31, 2020, the Company had zero and $0.3 million, respectively, in refundable customer deposits included in current restricted cash and cash equivalents. The reconciliation of cash and cash equivalents and restricted cash and cash equivalents to amounts presented in the consolidated statements of cash flows are as follows: As of June 30, 2021 December 31, 2020 June 30, 2020 December 31, 2019 Cash and cash equivalents $ 632,694 $ 840,913 $ 698,386 $ 85,688 Restricted cash and cash equivalents – current — 4,365 8,896 — Restricted cash and cash equivalents – non-current — 4,000 — 4,144 Cash, cash equivalents and restricted cash and cash equivalents $ 632,694 $ 849,278 $ 707,282 $ 89,832 (b) Fair Value of Financial Instruments The carrying value and fair value of the Company’s financial instruments are as follows: As of June 30, 2021 Level 1 Level 2 Level 3 Total Assets Cash equivalents – money market $ 608,985 $ — $ — $ 608,985 Liabilities Warrant liability $ — $ — $ 8,895 $ 8,895 As of December 31, 2020 Level 1 Level 2 Level 3 Total Assets Cash equivalents – money market $ 827,118 $ — $ — $ 827,118 Restricted cash equivalents – money market 4,100 — — 4,100 Liabilities Warrant liability $ — $ — $ 7,335 $ 7,335 In September 2019, Legacy Nikola entered into an agreement that required Legacy Nikola to issue, and the investor to purchase, Series D redeemable convertible preferred stock at a fixed price in April 2020 (the “Forward Contract Liability”), which was accounted for as a liability. The Forward Contract Liability was remeasured to its fair value each reporting period resulting in the recognition of zero and $1.3 million loss in other income (expense) on the consolidated statements of operations for the three and six months ended June 30, 2020, respectively. The Forward Contract Liability was settled in April 2020 with the issuance of Series D redeemable convertible preferred stock. In determining the fair value of the Forward Contract Liability, estimates and assumptions impacting fair value included the estimated future value of the Company's Series D redeemable convertible preferred stock, discount rates and estimated time to liquidity. The following reflects the significant quantitative inputs used: As of April 10, 2020 Estimated future value of Series D redeemable convertible preferred stock $ 10.00 Discount rate — % Time to liquidity (years) 0 As a result of the Business Combination, the Company assumed a warrant liability (the "Warrant Liability") related to previously issued private warrants in connection with VectoIQ's initial public offering. The Warrant Liability was remeasured to its fair value at each reporting period and upon settlement. The change in fair value was recognized in revaluation of warrant liability on the consolidated statements of operations. The change in fair value of the Warrant Liability was as follows: Warrant Liability Estimated fair value at December 31, 2020 7,335 Change in fair value 1,560 Estimated fair value at June 30, 2021 8,895 The fair value of the warrants outstanding was estimated using the Black-Scholes model. The application of the Black-Scholes model requires the use of a number of inputs and significant assumptions including volatility. The following reflects the inputs and assumptions used: As of June 30, 2021 December 31, 2020 Stock price $ 18.06 $ 15.26 Exercise price $ 11.50 $ 11.50 Remaining term (in years) 3.93 4.42 Volatility 75 % 75 % Risk-free rate 0.65 % 0.30 % Expected dividend yield — % — % On June 22, 2021 (the "WVR Closing Date"), the Company entered into a Membership Interests Purchase Agreement (the “MIPA”) with Wabash Valley Resources LLC (“WVR”) and the sellers party thereto (collectively, the “Sellers”), pursuant to which, the Company purchased a 20% equity interest in WVR in exchange for cash and the Company’s common stock (see Note 5, Investments). Under the MIPA, each Seller has a right but not the obligation, in its sole discretion, to cause the Company to purchase a portion of such Seller’s Shares outside the specified blackout windows, at $14.86 per share of common stock (the "Put Right"). The first blackout window is from the WVR Closing Date until the later of 90 days after the WVR Closing Date or the effectiveness of a registration statement with the SEC for the common stock consideration. The second blackout window ends on the one-year anniversary of the WVR Closing Date. The Sellers have 10 business days to exercise their Put Rights after each blackout window and the purchase option expires after this time. In accordance with the MIPA the maximum common share repurchase is $10.0 million in aggregate. The Put Right is an embedded feature indexed to the Company's common stock pursuant to ASC 815-40 and accounted for in temporary equity, in accordance with ASC 480-10-S99-3A. The potential cash settlement from the common shares subject to the Put Right and the fair value of the embedded Put Right was recorded in temporary equity . The fair value of the Put Right, a level 3 measurement, was estimated using a Monte Carlo simulation model. The application of the Mont e Carlo simulation model requires the use of a number of inputs and significant assumptions including volatility. The fair value of the Put Right was $3.2 million as of the WVR Closing Date. The following reflects the inputs and assumptions used: As of June 22, 2021 Stock price $ 17.32 Strike Price $ 14.86 Volatility 95 % Risk-free rate 0.10 % (c) Recent Accounting Pronouncements Recently issued accounting pronouncements not yet adopted There have been no recently issued accounting pronouncements or changes in accounting pronouncements not yet adopted that are applicable or material to the Company as of June 30, 2021. Recently adopted accounting pronouncements In December 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which is intended to simplify various aspects related to accounting for income taxes. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The Company adopted the ASU on January 1, 2021 and it did not have a material impact on the Company's consolidated financial statements. In August 2020, the FASB issued ASU 2020-06, which simplifies the guidance on the issuer's accounting for convertible debt instruments by removing the separation models for (1) convertible debt with a cash conversion feature and (2) convertible instruments with a beneficial conversion feature. As a result, entities will not separately present in equity an embedded conversion feature in such debt and will account for convertible debt instruments wholly as debt, unless certain other conditions are met. The elimination of these models will reduce reported interest expense and increase reported net income for entities that have issued a convertible instrument that is within the scope of ASU 2020-06. ASU 2020-06 requires the application of the if-converted method for calculating diluted earnings per share. The treasury method will no longer be available. The guidance is effective for financial statements issued for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years, with early adoption permitted, but only at the beginning of the year. The Company early adopted the ASU on January 1, 2021, and there was no impact to the Company's consolidated financial statements. In January 2020, the FASB issued ASU No. 2020-01, Investments – Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivative and Hedging (Topic 815), which addresses accounting for the transition into and out of the equity method and provides clarification of the interaction of rules for equity securities, the equity method of accounting, and forward contracts and purchase options on certain types of securities. ASU 2020-01 is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The Company adopted the ASU on January 1, 2021 and it did not have a material impact on the Company's consolidated financial statements.

BUSINESS COMBINATION

BUSINESS COMBINATION	6 Months Ended
	Jun. 30, 2021
Business Combinations [Abstract]
BUSINESS COMBINATION	BUSINESS COMBINATION On June 3, 2020, the Company and VectoIQ consummated the merger contemplated by the Business Combination Agreement, with Legacy Nikola surviving the merger as a wholly-owned subsidiary of VectoIQ. Immediately prior to the closing of the Business Combination, all shares of outstanding redeemable convertible preferred stock of Legacy Nikola were automatically converted into shares of Legacy Nikola common stock. Upon the consummation of the Business Combination, each share of Legacy Nikola common stock issued and outstanding was canceled and converted into the right to receive 1.901 shares (the "Exchange Ratio") of the Company's common stock (the "Per Share Merger Consideration"). Upon the closing of the Business Combination, VectoIQ's certificate of incorporation was amended and restated to, among other things, increase the total number of authorized shares of all classes of capital stock to 750,000,000 shares, of which 600,000,000 shares were designated common stock, $0.0001 par value per share, and of which 150,000,000 shares were designated preferred stock, $0.0001 par value per share. In connection with the execution of the Business Combination Agreement, VectoIQ entered into separate subscription agreements (each, a "Subscription Agreement") with a number of investors (each a "Subscriber"), pursuant to which the Subscribers agreed to purchase, and VectoIQ agreed to sell to the Subscribers, an aggregate of 52,500,000 shares of the Company's common stock (the "PIPE Shares"), for a purchase price of $10.00 per share and an aggregate purchase price of $525.0 million, in a private placement pursuant to the subscription agreements (the "PIPE"). The PIPE investment closed simultaneously with the consummation of the Business Combination. Prior to the closing of the Business Combination, Legacy Nikola repurchased 2,850,930 shares of Legacy Nikola's Series B redeemable convertible preferred stock at the price of $8.77 per share for an aggregate purchase price of $25.0 million pursuant to a Series B preferred stock repurchase agreement (the "Repurchase Agreement") with Nimbus Holdings LLC ("Nimbus"). The repurchase is retrospectively adjusted in the statement of stockholders' equity to reflect the Company’s equity structure for all periods presented. Immediately following the Business Combination, pursuant to a redemption agreement, Nikola redeemed 7,000,000 shares of common stock from M&M Residual, LLC ("M&M Residual") at a purchase price of $10.00 per share. See Note 6, Related Party Transactions , for further details on the transaction. The Business Combination is accounted for as a reverse recapitalization in accordance with GAAP. Under this method of accounting, VectoIQ was treated as the "acquired" company for financial reporting purposes. See Note 1, Basis of Presentation , for further details. Accordingly, for accounting purposes, the Business Combination was treated as the equivalent of Nikola issuing stock for the net assets of VectoIQ, accompanied by a recapitalization. The net assets of VectoIQ are stated at historical cost, with no goodwill or other intangible assets recorded. Prior to the Business Combination, Legacy Nikola and VectoIQ filed separate standalone federal, state and local income tax returns. As a result of the Business Combination, structured as a reverse acquisition for tax purposes, Legacy Nikola, which was renamed Nikola Subsidiary Corporation in connection with the Business Combination (f/k/a Nikola Corporation), became the parent of the consolidated tax filing group, with Nikola Corporation (f/k/a VectoIQ Acquisition Corp.) as a subsidiary. The following table reconciles the elements of the Business Combination to the consolidated statement of cash flows and the consolidated statement of changes in equity for the six months ended June 30, 2020: Recapitalization Cash - VectoIQ's trust and cash (net of redemptions) $ 238,358 Cash - PIPE 525,000 Less: transaction costs and advisory fees paid (51,200) Less: VectoIQ loan payoff in conjunction with close (422) Less: M&M Residual redemption (70,000) Less: Nimbus repurchase (25,000) Net Business Combination and PIPE financing 616,736 Less: non-cash net liabilities assumed from VectoIQ (21,919) Less: accrued transaction costs and advisory fees (295) Net contributions from Business Combination and PIPE financing $ 594,522 The number of shares of common stock issued immediately following the consummation of the Business Combination: Number of Shares Common stock, outstanding prior to Business Combination 22,986,574 Less: redemption of VectoIQ shares (2,702) Common stock of VectoIQ 22,983,872 VectoIQ Founder Shares 6,640,000 Shares issued in PIPE 52,500,000 Less: M&M Residual redemption (7,000,000) Less: Nimbus repurchase (2,850,930) Business Combination and PIPE financing shares 72,272,942 Legacy Nikola shares (1) 288,631,536 Total shares of common stock immediately after Business Combination 360,904,478 (1) The number of Legacy Nikola shares was determined from the 151,831,441 shares of Legacy Nikola common stock outstanding immediately prior to the closing of the Business Combination converted at the Exchange Ratio of 1.901. All fractional shares were rounded down.

BALANCE SHEET COMPONENTS

BALANCE SHEET COMPONENTS	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BALANCE SHEET COMPONENTS	BALANCE SHEET COMPONENTS Inventory Inventory consists of the following: As of June 30, 2021 Raw materials $ 2,267 Work-in-process — Finished goods — Total inventory $ 2,267 Inventories are stated at the lower of cost or net realizable value. Cost is computed using standard cost, which approximates actual cost on a first-in, first-out basis. Property, Plant and Equipment Property, plant and equipment consist of the following at June 30, 2021 and December 31, 2020: As of June 30, 2021 December 31, 2020 Machinery and equipment $ 16,441 $ 14,820 Furniture and fixtures 1,480 1,480 Leasehold improvements 2,838 1,488 Software 5,793 4,285 Finance lease assets 34,920 34,775 Construction-in-progress 114,841 21,218 Other 2,040 1,750 Property, plant and equipment, gross 178,353 79,816 Less: accumulated depreciation and amortization (11,986) (8,415) Total property, plant and equipment, net $ 166,367 $ 71,401 Construction-in-progress on the Company's consolidated balance sheets as of June 30, 2021 relates primarily to the construction of the Company's manufacturing plant in Coolidge, Arizona. The Company expects to place Phase 0.5 of the plant in service during the second half of 2021. Depreciation expense for the three months ended June 30, 2021 and 2020 was $1.9 million and $1.5 million, respectively. Depreciation expense for the six months ended June 30, 2021 and 2020 was $3.6 million and $2.9 million, respectively. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following at June 30, 2021 and December 31, 2020: As of June 30, 2021 December 31, 2020 Accrued payroll and payroll related expenses $ 1,739 $ 1,105 Accrued deferred issuance costs 637 285 Accrued outsourced engineering services 7,656 2,514 Accrued purchases of property, plant and equipment 5,181 2,533 Accrued legal expenses 8,547 8,845 Other accrued liabilities 1,804 2,457 Current portion of finance lease liabilities 1,161 1,070 Total accrued expenses and other current liabilities $ 26,725 $ 18,809

INVESTMENTS

INVESTMENTS	6 Months Ended
	Jun. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENTS	INVESTMENTS IN AFFILIATES Nikola Iveco Europe GmbH The Company and Iveco are parties to a series of agreements which established a joint venture in Europe, Nikola Iveco Europe GmbH. The operations of the joint venture are located in Ulm, Germany, and consist of manufacturing the battery-electric ("BEV") and fuel cell electric ("FCEV") Class 8 trucks for the European market, as well as for the North American market while the Company's greenfield manufacturing facility in Coolidge, Arizona, is being completed. The agreements provide for a 50/50 ownership of the joint venture and a 50/50 allocation of the joint venture's production volumes and profits between Nikola and Iveco. Both parties are entitled to appoint an equal number of members to the shareholders' committee of the joint venture. Pursuant to the terms of the agreements, the Company and Iveco each contributed intellectual property licenses to their respective technology. During 2020, the Company contributed $8.8 million for a 50% interest in the joint venture, in accordance with the amended contribution agreement. The intellectual property licenses contributed to the joint venture by Nikola are related to intellectual property related to Nikola-developed BEV and FCEV technology for use in the European market. Iveco contributed to the joint venture a license for the S-WAY technology for use in the European market. Nikola Iveco Europe GmbH is considered a variable interest entity ("VIE") due to insufficient equity to finance its activities without additional subordinated financial support. The Company is not considered the primary beneficiary as it does not have the power to direct the activities that most significantly impact the economic performance based on the terms of the agreements. Accordingly, the VIE is accounted for under the equity method. As of June 30, 2021 and December 31, 2020, the carrying amount of the Company's equity interest was $6.3 million and $8.4 million, respectively, and is included in investment in affiliates on the consolidated balance sheets. Equity in net loss of affiliates on the consolidated statements of operations for the three and six months ended June 30, 2021 and 2020, is as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Equity in net loss of affiliates $ (1,126) $ — $ (1,920) $ — The Company does not guarantee debt for, or have other financial support obligations to the entity and its maximum exposure to loss in connection with its continuing involvement with the entity is limited to the carrying value of the investment. Wabash Valley Resources LLC On June 22, 2021, the Company entered into a MIPA with WVR and the Sellers, pursuant to which, the Company purchased a 20% equity interest in WVR in exchange for $25 million in cash and 1,682,367 shares of the Company’s common stock. WVR is developing a clean hydrogen project in West Terre Haute, Indiana, including a hydrogen production facility. The common stock consideration was calculated based on the 30-day average closing stock price of the Company, or $14.86 per share, and the Company issued 1,682,367 shares of its common stock. As of the WVR Closing Date, the fair value of the stock consideration and Put Right was $32.4 million, based upon the closing price of the Company's common stock as of the WVR Closing Date and the fair value of the embedded Put Right (see Note 2). The Company's interest in WVR is accounted for under the equity method and is included in investment in affiliates on the consolidated balance sheets. As of the WVR Closing Date, the fair value of the Company's investment in WVR was approximately $57.4 million, which consists of the Company's cash, common stock consideration, and the Put Right. The common stock consideration subject to the Put Right was classified as temporary equity on the consolidated balance sheets for $13.2 million which includes the fair value of the embedded Put Right of $3.2 million. Refer below for a reconciliation of the fair value of the Company's investment in WVR: Investment in WVR Common stock issued for investment in affiliates including common stock subject to Put Right $ 29,139 Cash consideration for investment in affiliates 25,000 Fair value of cash and common stock consideration for WVR 54,139 Fair value of embedded Put Right 3,237 Total investment in affiliates $ 57,376 The excess of the initial fair value of the Company's investment over the underlying equity in the carrying value of the net assets of WVR has not yet been allocated within the investment account. The Company expects to complete the allocation by the end of fiscal year 2021.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Related Party Aircraft Charter Agreement The Company previously entered into an aircraft charter arrangement with its former Executive Chairman of the board of directors and Legacy Nikola's former Chief Executive Officer. During the three and six months ended June 30, 2020, the Company recognized expense of $0.1 million and $0.2 million, respectively, for the business use of the aircraft. The aircraft charter arrangement was terminated effective October 2020 and there are no such amounts to report subsequent to the termination date. Related Party Income During the three and six months ended June 30, 2020, the Company recorded an immaterial amount for the provision of solar installation services to the former Executive Chairman, which were billed on a time and materials basis. Solar installation services were terminated effective October 2020 and there are no such amounts to report subsequent to the termination date. Related Party Redemption of Common Stock Immediately following the Business Combination, pursuant to a redemption agreement, the Company redeemed 7,000,000 shares of common stock from M&M Residual at a purchase price of $10.00 per share, payable in immediately available funds. The number of shares to be redeemed and the redemption price were determined and agreed upon during negotiations between the various parties to the Business Combination, including the former Executive Chairman and representatives of VectoIQ, Legacy Nikola and the Subscribers. Former Related Party License and Service Agreements During the three and six months ended June 30, 2020, the Company issued 7,390,436 and 9,443,353 shares of Series D redeemable convertible preferred stock to Iveco S.p.A ("Iveco"), a former related party, in exchange for $72.0 million and $92.0 million of prepaid in-kind services, respectively. During the three months ended June 30, 2021 and 2020, $14.8 million and $10.5 million, respectively, of in-kind services were recognized in research and development on the consolidated statements of operations. During the six months ended June 30, 2021 and 2020, $27.7 million and $17.2 million, respectively, of in-kind services were recognized in research and development on the consolidated statements of operations. As of June 30, 2021 and December 31, 2020, $18.5 million and $46.3 million prepaid in-kind services, respectively, were reflected on the consolidated balance sheets. During the three and six months ended June 30, 2020 the Company issued 5,132,289 shares of Series D redeemable convertible preferred stock to Iveco, in exchange for $50.0 million in cash. As of June 3, 2020, Iveco was no longer considered a related party under ASC 850. Former Related Party Research and Development During the three and six months ended June 30, 2020, the Company recorded research and development expenses of $5.6 million and $6.5 million, respectively, from a former related party. As of June 3, 2020, the entity was no longer considered a related party and as a result there are no such amounts to report for the three and six months ended June 30, 2021. Former Related Party Stock Repurchase In March 2020, the Company entered into a letter agreement with Nimbus in which Nimbus agreed to terminate the Nimbus redemption letter agreement dated August 3, 2018. Concurrently, the Company entered into an agreement with Nimbus, whereby the Company agreed to repurchase 2,850,930 shares of Series B preferred stock from Nimbus at a share price of $8.77 for an aggregate repurchase price of $25.0 million. The parties agreed that the repurchase price constituted the price that Nimbus would otherwise be entitled to under the Nimbus redemption letter agreement. The number of shares to be repurchased was negotiated by the Company and Nimbus as a mechanism to compensate Nimbus for agreeing to relinquish its previous redemption rights granted in the Nimbus redemption letter agreement. The repurchase was contingent on completion of the Business Combination which occurred during the second quarter of 2020, and the Company repurchased the shares in conjunction with the closing of the Business Combination (see Note 3, Business Combination ). As of June 3, 2020, Nimbus was no longer considered a related party.

DEBT

DEBT	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
DEBT	DEBT Term Note Debt consisted of a term note of zero and $4.1 million as of June 30, 2021 and December 31, 2020. In January 2018, the Company entered into a term note with JP Morgan Chase, pursuant to which the Company borrowed $4.1 million to fund equipment purchases. The term note accrued interest at 2.43% per annum and was payable on or before January 31, 2019. The term note was secured by restricted cash. In February 2019, the Company amended the term note to extend its term by one year and increased the interest rate to 3.00% per annum. In February 2020, the Company further amended the term note and extended its term for one year, to January 31, 2021. The term note accrued interest at a rate equal to the LIBOR rate for the applicable interest period multiplied by the statutory reserve rate as determined by the Federal Reserve Board. During the first quarter of 2021, the Company repaid the $4.1 million term note. Payroll Protection Program Note In April 2020, the Company entered into a note with JP Morgan Chase under the Small Business Administration Paycheck Program established under Section 1102 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, pursuant to which the Company borrowed $4.1 million (the "Note"). The Note accrued interest at a rate of 0.98% per annum and matured in 24 months. On April 30, 2020, the Company returned the $4.1 million in proceeds from the Note to JP Morgan Chase.

CAPITAL STRUCTURE

CAPITAL STRUCTURE	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
CAPITAL STRUCTURE	CAPITAL STRUCTURE Shares Authorized As of June 30, 2021, the Company had a total of 750,000,000 shares authorized for issuance with 600,000,000 shares designated as common stock and 150,000,000 shares designated as preferred stock. Warrants As of June 30, 2021, the Company had 760,915 private warrants outstanding. Each private warrant entitles the registered holder to purchase one share of common stock at a price of $11.50 per share, subject to adjustment, at any time commencing 30 days after the completion of the Business Combination. For the three months ended June 30, 2021 and 2020, the Company recorded a $2.5 million and $29.2 million loss, respectively, for revaluation of warrant liability on the consolidated statements of operations. For the six months ended June 30, 2021 and 2020, the Company recorded a $1.6 million and $29.2 million loss, respectively, for revaluation of warrant liability on the consolidated statements of operations. As of June 30, 2021 and December 31, 2020, the Company recorded $8.9 million and $7.3 million, respectively, for warrant liability related to the private warrants outstanding. The exercise price and number of common stock issuable upon exercise of the private warrants may be adjusted in certain circumstances including in the event of a share dividend, or recapitalization, reorganization, merger or consolidation. However, the private warrants will not be adjusted for issuance of common stock at a price below their exercise price. Stock Purchase Agreement On June 11, 2021, the Company entered into a common stock purchase agreement (the "Purchase Agreement") and a registration rights agreement (the "Registration Rights Agreement") with Tumim Stone Capital LLC ("Tumim"), pursuant to which Tumim has committed to purchase up to $300 million in shares of the Company's common stock, subject to certain limitations and conditions set forth in the Purchase Agreement. The Company shall not issue or sell any shares of common stock under the Purchase Agreement which, when aggregated with all other shares of common stock beneficially owned by Tumim, would result in beneficial ownership of more than 4.99% of the Company's outstanding shares of common stock. Under the terms of the Purchase Agreement, the Company has the right, but not the obligation, to sell to Tumim, shares of common stock over the period commencing on the date of the Purchase Agreement (the “Tumim Closing Date”) and ending on the first day of the month following the 36-month anniversary of the Tumim Closing Date, provided that a registration statement covering the resale of shares of common stock that have been and may be issued under the Purchase Agreement is declared effective by the SEC. The registration statement covering the offer and sale of up to 18,012,845 shares of common stock to Tumim was declared effective on June 30, 2021. The purchase price will be calculated as 97% of the volume weighted average prices of the Company's common stock during normal trading hours for three consecutive trading days commencing on the first trading day immediately succeeding the purchase notice date. Concurrently with the signing of the Purchase Agreement, the Company issued 155,703 shares of its common stock to Tumim as a commitment fee ("Commitment Shares"). The total fair value of the shares issued for the commitment fee of $2.6 million was recorded in selling, general, and administrative expense on the Company's consolidated statements of operations. As of June 30, 2021, the Company has not sold any shares to Tumim under the terms of the Purchase Agreement.

STOCK BASED COMPENSATION EXPENS

STOCK BASED COMPENSATION EXPENSE	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
STOCK BASED COMPENSATION EXPENSE	STOCK BASED COMPENSATION EXPENSE 2017 and 2020 Stock Plans Legacy Nikola's 2017 Stock Option Plan (the “2017 Plan”) provides for the grant of incentive and nonqualified options to purchase Legacy Nikola common stock to officers, employees, directors, and consultants of Legacy Nikola. Options are granted at a price not less than the fair market value on the date of grant and generally become exercisable between one Each Legacy Nikola option from the 2017 Plan that was outstanding immediately prior to the Business Combination, whether vested or unvested, was converted into an option to purchase a number of shares of common stock (each such option, an "Exchanged Option") equal to the product (rounded down to the nearest whole number) of (i) the number of shares of Legacy Nikola common stock subject to such Legacy Nikola option immediately prior to the Business Combination and (ii) the Exchange Ratio, at an exercise price per share (rounded up to the nearest whole cent) equal to (A) the exercise price per share of such Legacy Nikola option immediately prior to the consummation of the Business Combination, divided by (B) the Exchange Ratio. Except as specifically provided in the Business Combination Agreement, following the Business Combination, each Exchanged Option will continue to be governed by the same terms and conditions (including vesting and exercisability terms) as were applicable to the corresponding former Legacy Nikola option immediately prior to the consummation of the Business Combination. All stock option activity was retroactively restated to reflect the Exchanged Options. At the Company's special meeting of stockholders held on June 2, 2020, the stockholders approved the Nikola Corporation 2020 Stock Incentive Plan (the "2020 Plan") and the Nikola Corporation 2020 Employee Stock Purchase Plan (the "2020 ESPP"). The 2020 Plan and the 2020 ESPP were previously approved, subject to stockholder approval, by the Company's board of directors on May 6, 2020. The aggregate number of shares authorized for issuance under the 2020 Plan will not exceed 42,802,865, plus the number of shares subject to outstanding awards as of the closing of the Business Combination under the 2017 Plan that are subsequently forfeited or terminated. The aggregate number of shares available for issuance under the 2020 ESPP is 4,000,000. The 2020 Plan provides for the grant of incentive and nonqualified stock option, restricted stock units ("RSUs"), restricted share awards, stock appreciation awards, and cash-based awards to employees, outside directors, and consultants of the Company. The 2020 Plan and the 2020 ESPP became effective immediately upon the closing of the Business Combination. No offerings have been authorized to date by the Company's board of directors under the ESPP. Stock Options The Company utilizes the Black-Scholes option pricing model for estimating the fair value of options granted. Options vest in accordance with the terms set forth in the grant letter. Time-based options generally vest ratably over a period of approximately 36 months. Changes in stock options are as follows: Options Weighted Weighted Average Outstanding at December 31, 2020 32,529,224 $ 1.28 7.82 Granted — $ — Exercised 2,929,917 $ 1.24 Cancelled 39,617 $ 3.00 Outstanding at June 30, 2021 29,559,690 $ 1.29 7.37 Vested and exercisable as of June 30, 2021 28,782,924 $ 1.24 7.35 Restricted Stock Units The fair value of RSUs is based on the closing price of the Company’s common stock on the grant date. The time-based RSUs generally vest semi-annually over a three year period or, in the case of executive officers, cliff-vest following the third anniversary from the date of grant. Certain RSUs awarded to key employees contain performance conditions related to achievement of strategic and operational milestones ("Performance RSUs"). As of June 30, 2021, not all of the performance conditions are probable to be achieved. Compensation expense has only been recognized for those conditions that are assumed to be probable. The Company updates its estimates related to the probability and timing of achievement of the operational milestones each period until the award either vests or is forfeited. In addition, for certain technical engineering employees the awards cliff vest after a three year period or vest on the achievement of certain operational milestones. The RSUs to directors have a vesting cliff of one year after the grant date. Changes in RSUs are as follows: Number of RSUs Balance at December 31, 2020 5,026,531 Granted 6,691,926 Released 1,268,227 Cancelled 504,968 Balance at June 30, 2021 9,945,262 Market Based RSUs The fair value of Market Based RSUs was determined using a Monte Carlo simulation model that utilizes significant assumptions, including volatility, that determine the probability of satisfying the market condition stipulated in the award to calculate the fair value of the award. The Market Based RSUs contain a stock price index as a benchmark for vesting. These awards have three milestones that each vest depending upon a consecutive 20-trading day stock price target of the Company’s common stock. The shares vested are transferred to the award holders upon the completion of the requisite service period ending June 3, 2023, and upon achievement certification by the Company's board of directors. If the target price for the tranche is not achieved by the end of requisite service period, the Market Based RSUs are forfeited. Changes in Market Based RSUs are as follows: Number of Market Based RSUs Balance at December 31, 2020 13,317,712 Granted — Released — Cancelled — Balance at June 30, 2021 13,317,712 Stock Compensation Expense The following table presents the impact of stock-based compensation expense on the consolidated statements of operations for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Research and development $ 10,228 $ 2,880 $ 20,550 $ 3,238 Selling, general, and administrative 42,442 35,347 82,386 36,302 Total stock-based compensation expense $ 52,670 $ 38,227 $ 102,936 $ 39,540 As of June 30, 2021, total unrecognized compensation expense was as follows: Unrecognized compensation expense Options $ 1,509 Market Based RSUs 225,096 RSUs 164,895 Total unrecognized compensation expense at June 30, 2021 $ 391,500

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES To calculate the interim tax provision, at the end of each interim period the Company estimates the annual effective tax rate and applies that to its ordinary quarterly earnings. The effect of changes in the enacted tax laws or rates is recognized in the interim period in which the change occurs. The computation of the annual estimated effective tax rate at each interim period requires certain estimates and judgments including, but not limited to, the expected operating income for the year, projections of the proportion of income earned and taxed in foreign jurisdictions, permanent differences between book and tax amounts, and the likelihood of recovering deferred tax assets generated in the current year. The accounting estimates used to compute the provision for income taxes may change as new events occur, additional information is obtained, or the tax environment changes.Income tax expense was immaterial for the three and six months ended June 30, 2021 and 2020

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal Proceedings The Company is subject to legal and regulatory actions that arise from time to time. The assessment as to whether a loss is probable or reasonably possible, and as to whether such loss or a range of such loss is estimable, often involves significant judgment about future events, and the outcome of litigation is inherently uncertain. Other than as described below, there is no material pending or threatened litigation against the Company that remains outstanding as of June 30, 2021. Regulatory and Governmental Investigations and Related Internal Review On September 10, 2020, Hindenburg Research LLC reported on certain aspects of the Company’s business and operations. The Company and its board of directors retained Kirkland & Ellis LLP to conduct an internal review in connection with the Hindenburg article (the “Internal Review”), and Kirkland & Ellis promptly contacted the Division of Enforcement of the U.S. Securities and Exchange Commission to make it aware of the commencement of the Internal Review. The Company subsequently learned that the Staff of the Division of Enforcement had previously opened an investigation. On September 14, 2020, the Company and five of its officers and employees, including Mark Russell, our Chief Executive Officer, received subpoenas from the Staff of the Division of Enforcement as a part of a fact-finding inquiry related to aspects of the Company’s business as well as certain matters described in the Hindenburg article. The Staff of the Division of Enforcement issued additional subpoenas to another three of the Company’s officers and employees, including Kim Brady, the Company's Chief Financial Officer, on September 21, 2020 and to the Company’s current and former directors on September 30, 2020. The Company and Mr. Milton also received grand jury subpoenas from the U.S. Attorney’s Office for the Southern District of New York (the “SDNY”) on September 19, 2020. On September 20, 2020, Mr. Milton offered to voluntarily step down from his position as Executive Chairman, as a member of the Company’s board of directors, including all committees thereof, and from all positions as an employee and officer of the Company. The board accepted his resignation and appointed Stephen Girsky as Chairman of the board of directors. The Company subsequently has appointed three new board members, Steve Shindler, Bruce Smith and Mary Petrovich. The Company also received a grand jury subpoena from the N.Y. County District Attorney’s Office on September 21, 2020. On October 16, 2020, the N.Y. County District Attorney’s Office agreed to defer its investigation; it has not withdrawn its subpoena issued to the Company, but has informed the Company that no further productions to it are necessary at this time. On October 28, 2020, the Company received an information request from The Nasdaq Stock Market LLC, seeking an update on the status of the Staff of the Division of Enforcement and SDNY inquiries, which the Company provided. On March 24, 2021, the Staff of the Division of Enforcement issued an additional subpoena to the Company related to its projected 2021 cash flow and anticipated use of funds from 2021 capital raises. The Company is committed to cooperating fully with the Staff of the Division of Enforcement and the SDNY investigations, which are ongoing. As such, the Company's counsel frequently engages with the Staff of the Division of Enforcement and the SDNY. Further, the Company has made voluminous productions of information and made witnesses available for interviews. The Company will continue to comply with the requests of the Staff of the Division of Enforcement and the SDNY and expect to make additional productions in the future. The documents and information requested in the subpoenas include materials concerning Mr. Milton’s and the Company’s statements regarding the Company’s business operations and the future of the Company. As part of the Internal Review, which has been substantially completed, Kirkland & Ellis had full access to Company data, emails and documents for collection and review. No request by Kirkland & Ellis for information from the Company was denied. Kirkland & Ellis was also given access to data contained on personal devices for over three dozen of our employees. Kirkland & Ellis, including with the assistance of contract attorneys, reviewed relevant documents in the legal, investor relations, finance, and human resources areas as well as Company emails from January 1, 2016 through December 31, 2020, employee text messages, documents found in our data room and other corporate documents. The Internal Review also included targeted interviews of over thirty (30) Company personnel. Additionally, as part of the Internal Review, Kirkland & Ellis retained automotive experts ("Automotive Experts") at a well-known consulting firm to conduct an independent assessment of the current state of our technology development. Refer to Note 14, Commitments and Contingencies, within the Company's Annual Report on Form 10-K/A for the year ended December 31, 2020, for further details. The legal and other professional costs the Company incurred during the three and six months ended June 30, 2021 in connection with the Internal Review and disclosed elsewhere in this Quarterly Report include approximately $3.2 million and $6.2 million, respectively, expensed for Mr. Milton’s attorneys’ fees under his indemnification agreement with the Company. As of June 30, 2021 and December 31, 2020 the Company accrued approximately $6.4 million and $6.6 million, respectively, in legal and other professional costs for Mr. Milton's attorneys' fees under his indemnification agreement. The Company expects to incur additional costs associated with the Staff of the Division of Enforcement and the SDNY investigations and the Internal Review during fiscal year 2021, which will be expensed as incurred and which could be significant in the periods in which they are recorded. On July 29, the U.S. Attorney for the SDNY announced the unsealing of a criminal indictment charging Trevor Milton with two counts of securities fraud and one count of wire fraud. That same day, the Securities and Exchange Commission announced charges against Mr. Milton for alleged violations of federal securities laws. The Company cannot predict the ultimate outcome of the Staff of the Division of Enforcement and the SDNY investigations or the litigation against Mr. Milton, nor can it predict whether any other governmental authorities will initiate separate investigations or litigation. The outcome of the Staff of the Division of Enforcement and the SDNY investigations and any related legal and administrative proceedings could include a wide variety of outcomes, including the institution of administrative, civil injunctive or criminal proceedings involving the Company and/or current or former employees, officers and/or directors in addition to Mr. Milton, the imposition of fines and other penalties, remedies and/or sanctions, modifications to business practices and compliance programs and/or referral to other governmental agencies for other appropriate actions. It is not possible to accurately predict at this time when matters relating to the Staff of the Division of Enforcement and the SDNY investigations will be completed, the final outcome of the Staff of the Division of Enforcement and the SDNY investigations, what additional actions, if any, may be taken by the Staff of the Division of Enforcement, the SDNY or by other governmental agencies, or the effect that such actions may have on our business, prospects, operating results and financial condition, which could be material. The Staff of the Division of Enforcement and the SDNY investigations, including any matters identified in the Internal Review, could also result in (1) third-party claims against the Company, which may include the assertion of claims for monetary damages, including but not limited to interest, fees, and expenses, (2) damage to the Company's business or reputation, (3) loss of, or adverse effect on, cash flow, assets, goodwill, results of operations, business, prospects, profits or business value, including the possibility of certain of the Company's existing contracts being cancelled, (4) adverse consequences on the Company's ability to obtain or continue financing for current or future projects and/or (5) claims by directors, officers, employees, affiliates, advisors, attorneys, agents, debt holders or other interest holders or constituents of the Company or its subsidiaries, any of which could have a material adverse effect on the Company's business, prospects, operating results and financial condition. Further, to the extent that these investigations and any resulting third-party claims yield adverse results over time, such results could jeopardize the Company's operations and exhaust its cash reserves, and could cause stockholders to lose their entire investment. Shareholder Securities Litigation Beginning on September 15, 2020, six putative class action lawsuits were filed against the Company and certain of its current and former officers and directors, asserting violations of federal securities laws under Section 10(b) and Section 20(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and, in one case, violations of the Unfair Competition Law under California law (the “Shareholder Securities Litigation”). The complaints generally allege that the Company and certain of its officers and directors made false and/or misleading statements in press releases and public filings regarding the Company's business plan and prospects. The actions are: Borteanu v. Nikola Corporation, et al. (Case No. 2:20-cv-01797-JZB), filed by Daniel Borteanu in the United States District Court of the District of Arizona on September 15, 2020; Salem v. Nikola Corporation, et al. (Case No. 1:20-cv-04354), filed by Arab Salem in the United States District Court for the Eastern District of New York on September 16, 2020; Wojichowski v. Nikola Corporation, et al. (Case No. 2:20-cv-01819-DLR), filed by John Wojichowski in the United States District Court for the District of Arizona on September 17, 2020; Malo v. Nikola Corporation, et al. (Case No. 5:20-cv-02168), filed by Douglas Malo in the United States District Court for the Central District of California on October 16, 2020; and Holzmacher, et al. v. Nikola Corporation, et al. (Case No. 2:20-cv-2123-JJT), filed by Albert Holzmacher, Michael Wood and Tate Wood in the United States District Court for the District of Arizona on November 3, 2020, and Eves v. Nikola Corporation, et al. (Case No. 2:20-cv-02168-DLR), filed by William Eves in the United States District Court for the District of Arizona on November 10, 2020. In October 2020, stipulations by and among the parties to extend the time for the defendants to respond to the complaints until a lead plaintiff, lead counsel, and an operative complaint are identified were entered as orders in certain of the filed actions. On November 16, 2020 and December 8, 2020 respectively, orders in the Malo and Salem actions were entered to transfer the actions to the United States District Court for the District of Arizona. On November 16, 2020, ten motions both to consolidate the pending securities actions and to be appointed as lead plaintiff were filed by putative class members. On December 15, 2020, the United States District Court for the District of Arizona consolidated the actions under lead case Borteanu v. Nikola Corporation, et al., No. CV-20-01797-PXL-SPL, and appointed Angelo Baio as the “Lead Plaintiff”. On December 23, 2020, a motion for reconsideration of the Court’s order appointing the Lead Plaintiff was filed. On December 30, 2020, a petition for writ of mandamus seeking to vacate the District Court’s Lead Plaintiff order and directing the court to appoint another Lead Plaintiff was filed before the United States Court of Appeals for the Ninth Circuit, Case No. 20-73819. The motion for reconsideration was denied on February 18, 2021. On July 23, 2021, the Ninth Circuit granted in part the mandamus petition, vacated the district court’s December 15, 2020 order, and remanded the case to the District Court to reevaluate the appointment of a Lead Plaintiff. On January 28, 2021, the district court entered a scheduling order in the consolidated lawsuit. On March 2, 2021, pursuant to a stipulation jointly submitted by the parties, the district court vacated that scheduling order and stayed the securities action pending disposition of the pending mandamus petition. Plaintiffs seek an unspecified amount in damages, attorneys’ fees, and other relief. The Company intends to vigorously defend itself. The Company is unable to estimate the potential loss or range of loss, if any, associated with these lawsuits, which could be material. Derivative Litigation Beginning on September 23, 2020, two purported shareholder derivative actions were filed in the United States District Court for the District of Delaware ( Byun v. Milton, et al. , Case No. 1:20-cv-01277-UNA; Salguocar v. Girsky et. al., Case No. 1:20-cv-01404-UNA), purportedly on behalf of the Company, against certain of the Company's current and former directors alleging breaches of fiduciary duties, violations of Section 14(a) of the Exchange Act, and gross mismanagement. The Byun action also brings claims for unjust enrichment and abuse of control, while the Salguocar action brings a claim for waste of corporate assets. On October 19, 2020, the Byun action was stayed until 30 days after the earlier of (a) the Shareholder Securities Litigation being dismissed in their entirety with prejudice; (b) defendants filing an answer to any complaint in the Shareholder Securities Litigation; or (c) a joint request by plaintiff and defendants to lift the stay. On November 17, 2020, the Byun and Salguocar actions were consolidated as In re Nikola Corporation Derivative Litigation, Lead Case No. 20-cv-01277-CFC. The consolidated action remains stayed. On December 18, 2020, a purported shareholder derivative action was filed in the United States District Court for the District of Arizona, Huhn v. Milton et al., Case No. 2:20-cv-02437-DWL, purportedly on behalf of the Company, against certain of the Company’s current and former directors alleging breaches of fiduciary duties, violations of Section 14(a) of the Exchange Act, unjust enrichment, and against defendant Jeff Ubben, a member of the Company’s board of directors, insider selling and misappropriation of information. On January 26, 2021, the Huhn action was stayed until 30 days after the earlier of (a) the Shareholder Securities Litigation being dismissed in its entirety with prejudice; (b) defendants filing an answer to any complaint in the Shareholder Securities Litigation; or (c) a joint request by plaintiff and defendants to lift the stay. The complaints seek unspecified monetary damages, costs and fees associated with bringing the actions, and reform of the Company's corporate governance, risk management and operating practices. The Company intends to vigorously defend against the foregoing complaints. The Company is unable to estimate the potential loss or range of loss, if any, associated with these lawsuits, which could be material. In addition, on March 8, 2021, the Company received a demand letter from a law firm representing a purported stockholder of the Company alleging facts and claims substantially the same as many of the facts and claims in the filed derivative shareholder lawsuit. The demand letter requests that the board of directors (i) undertake an independent internal investigation into certain board members and management’s purported violations of Delaware and/or federal law; and (ii) commence a civil action against those members of the board and management for alleged fiduciary breaches. In April 2021, the board of directors formed a demand review committee, consisting of independent directors Bruce L. Smith, and Mary L. Petrovich, to review such demands and provide input to the Company. There can be no assurance as to whether any litigation will be commenced by or against the Company by the purported shareholder with respect to the claims set forth in the demand letter, or whether any such litigation could be material. Books and Record Demands Pursuant to Delaware General Corporation Law Section 220 The Company has received a number of demand letters pursuant to Section 220 of the Delaware General Corporation Law (“DGCL”), seeking disclosure of certain of the Company’s records. The Company has responded to those demands, stating its belief that the demand letters fail to fully comply with the requirements of Section 220 of the DGCL. However, in the interest of resolution and while preserving all rights of the defendants, the Company has engaged in negotiations with the shareholders, and has provided certain information that the Company had reasonably available to it. On January 15, 2021, Plaintiff Frances Gatto filed a complaint in Delaware Chancery Court seeking to compel inspection of books and records pursuant to Section 220 of the DGCL. On January 26, 2021, Plaintiff’s counsel and the Company filed a joint letter, notifying the Court that the parties are engaged in dialogue regarding Plaintiff’s demand, and the Company need not answer or otherwise respond to the complaint at this time. The parties provided a status update to the Court on July 26, 2021, and have proposed to provide a further update by September 24, 2021. Commitments and Contingencies on Land Conveyance In February 2019, the Company was conveyed 430 acres of land in Coolidge, Arizona, by PLH. The purpose of the land conveyance was to incentivize the Company to locate its manufacturing facility in Coolidge, Arizona, and provide additional jobs to the region. The Company fulfilled its requirement to commence construction within the period defined by the agreement and is required to complete construction of the manufacturing facility within five years of February 2019 (the “Manufacturing Facility Deadline”). If the Company fails to meet the Manufacturing Facility Deadline, the Company may extend the completion deadline by paying PLH $0.2 million per month, until construction is completed (the "Monthly Payment Option"). The extension of the Manufacturing Facility Deadline beyond two years will require express written consent of PLH. If the Company does not exercise the Monthly Payment Option, fails to make timely payments on the Monthly Payment Option, or fails to complete construction by the extended Manufacturing Facility Deadline, PLH is entitled to either the $4.0 million security deposit or may reacquire the land and property at the appraised value to be determined by independent appraisers selected by the Company and PLH.

NET LOSS PER SHARE

NET LOSS PER SHARE	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
NET LOSS PER SHARE	NET LOSS PER SHARE The following table sets forth the computation of the basic and diluted net loss per share for the three and six months ended June 30, 2021 and 2020. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net loss attributable to common stockholders $ (143,231) $ (129,189) $ (263,455) $ (162,335) Less: revaluation of warrant liability — — — — Adjusted net loss $ (143,231) $ (129,189) $ (263,455) $ (162,335) Denominator: Weighted average shares outstanding, basic 394,577,711 303,785,616 393,390,377 287,822,558 Dilutive effect of common stock issuable from assumed exercise of warrants — — — — Weighted average shares outstanding, diluted 394,577,711 303,785,616 393,390,377 287,822,558 Net loss per share: Basic $ (0.36) $ (0.43) $ (0.67) $ (0.56) Diluted $ (0.36) $ (0.43) $ (0.67) $ (0.56) Basic net loss per share is computed by dividing net loss for the period by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed by dividing the net loss, adjusted for the revaluation of warrant liability for the private warrants, by the weighted average number of common shares outstanding for the period, adjusted for the dilutive effect of shares of common stock equivalents resulting from the assumed exercise of the warrants. The treasury stock method was used to calculate the potential dilutive effect of these common stock equivalents. Potentially dilutive shares were excluded from the computation of diluted net loss when their effect was antidilutive. The following outstanding common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because including them would have been anti-dilutive. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Outstanding warrants 760,915 23,890,000 760,915 23,890,000 Stock options, including performance stock options 29,559,690 39,717,079 29,559,690 39,717,079 Restricted stock units, including market based RSUs 23,262,974 18,519,000 23,262,974 18,519,000 Total 53,583,579 82,126,079 53,583,579 82,126,079

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Issuance of common stock under Purchase Agreement On July 12, 2021, the Company issued 1,004,120 shares of common stock under the terms of the Purchase Agreement to Tumim for proceeds of $14.8 million. On July 30, 2021, the Company issued a purchase notice to Tumim to purchase 2,909,393 shares of the Company's common stock. Proceeds from this sale will be approximately $30.0 million to $35.0 million based on the volume weighted average prices of the Company's common stock from July 30, 2021 through August 3, 2021.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) and pursuant to the regulations of the U.S. Securities and Exchange Commission (“SEC”). The unaudited financial information reflects, in the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair statement of the Company's financial position, results of operations and cash flows for the periods indicated. The results reported for the interim period presented are not necessarily indicative of results that may be expected for the full year. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2020 included in the Company's Annual Report on Form 10-K/A for the year ended December 31, 2020. Certain prior period balances were conformed to the restated consolidated financial statements, as previously disclosed in the Company's Annual Report on Form 10-K/A for the year ended December 31, 2020, due to the accounting for warrant liabilities.
Consolidation	The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated. Certain prior period balances have been reclassified to conform to the current period presentation in the consolidated financial statements and the accompanying notes.
Cash, Cash Equivalents and Restricted Cash and Cash Equivalents	The Company considers all highly liquid investments purchased with a remaining maturity of three months or less to be cash equivalents. Additionally, the Company considers investments in money market funds with a floating net asset value to be cash equivalents.
Recent Accounting Pronouncements	Recently issued accounting pronouncements not yet adopted There have been no recently issued accounting pronouncements or changes in accounting pronouncements not yet adopted that are applicable or material to the Company as of June 30, 2021. Recently adopted accounting pronouncements In December 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which is intended to simplify various aspects related to accounting for income taxes. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The Company adopted the ASU on January 1, 2021 and it did not have a material impact on the Company's consolidated financial statements. In August 2020, the FASB issued ASU 2020-06, which simplifies the guidance on the issuer's accounting for convertible debt instruments by removing the separation models for (1) convertible debt with a cash conversion feature and (2) convertible instruments with a beneficial conversion feature. As a result, entities will not separately present in equity an embedded conversion feature in such debt and will account for convertible debt instruments wholly as debt, unless certain other conditions are met. The elimination of these models will reduce reported interest expense and increase reported net income for entities that have issued a convertible instrument that is within the scope of ASU 2020-06. ASU 2020-06 requires the application of the if-converted method for calculating diluted earnings per share. The treasury method will no longer be available. The guidance is effective for financial statements issued for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years, with early adoption permitted, but only at the beginning of the year. The Company early adopted the ASU on January 1, 2021, and there was no impact to the Company's consolidated financial statements. In January 2020, the FASB issued ASU No. 2020-01, Investments – Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivative and Hedging (Topic 815), which addresses accounting for the transition into and out of the equity method and provides clarification of the interaction of rules for equity securities, the equity method of accounting, and forward contracts and purchase options on certain types of securities. ASU 2020-01 is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The Company adopted the ASU on January 1, 2021 and it did not have a material impact on the Company's consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents	The reconciliation of cash and cash equivalents and restricted cash and cash equivalents to amounts presented in the consolidated statements of cash flows are as follows: As of June 30, 2021 December 31, 2020 June 30, 2020 December 31, 2019 Cash and cash equivalents $ 632,694 $ 840,913 $ 698,386 $ 85,688 Restricted cash and cash equivalents – current — 4,365 8,896 — Restricted cash and cash equivalents – non-current — 4,000 — 4,144 Cash, cash equivalents and restricted cash and cash equivalents $ 632,694 $ 849,278 $ 707,282 $ 89,832
Restrictions on Cash and Cash Equivalents	The reconciliation of cash and cash equivalents and restricted cash and cash equivalents to amounts presented in the consolidated statements of cash flows are as follows: As of June 30, 2021 December 31, 2020 June 30, 2020 December 31, 2019 Cash and cash equivalents $ 632,694 $ 840,913 $ 698,386 $ 85,688 Restricted cash and cash equivalents – current — 4,365 8,896 — Restricted cash and cash equivalents – non-current — 4,000 — 4,144 Cash, cash equivalents and restricted cash and cash equivalents $ 632,694 $ 849,278 $ 707,282 $ 89,832
Fair Value, Assets Measured on Recurring and Nonrecurring Basis	The carrying value and fair value of the Company’s financial instruments are as follows: As of June 30, 2021 Level 1 Level 2 Level 3 Total Assets Cash equivalents – money market $ 608,985 $ — $ — $ 608,985 Liabilities Warrant liability $ — $ — $ 8,895 $ 8,895 As of December 31, 2020 Level 1 Level 2 Level 3 Total Assets Cash equivalents – money market $ 827,118 $ — $ — $ 827,118 Restricted cash equivalents – money market 4,100 — — 4,100 Liabilities Warrant liability $ — $ — $ 7,335 $ 7,335
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation	The change in fair value of the Warrant Liability was as follows: Warrant Liability Estimated fair value at December 31, 2020 7,335 Change in fair value 1,560 Estimated fair value at June 30, 2021 8,895
Fair Value Measurement Inputs and Valuation Techniques	The following reflects the significant quantitative inputs used: As of April 10, 2020 Estimated future value of Series D redeemable convertible preferred stock $ 10.00 Discount rate — % Time to liquidity (years) 0 As of June 30, 2021 December 31, 2020 Stock price $ 18.06 $ 15.26 Exercise price $ 11.50 $ 11.50 Remaining term (in years) 3.93 4.42 Volatility 75 % 75 % Risk-free rate 0.65 % 0.30 % Expected dividend yield — % — % As of June 22, 2021 Stock price $ 17.32 Strike Price $ 14.86 Volatility 95 % Risk-free rate 0.10 %

BUSINESS COMBINATION (Tables)

BUSINESS COMBINATION (Tables)	6 Months Ended
	Jun. 30, 2021
Business Combinations [Abstract]
Schedule of Business Acquisitions, by Acquisition	The following table reconciles the elements of the Business Combination to the consolidated statement of cash flows and the consolidated statement of changes in equity for the six months ended June 30, 2020: Recapitalization Cash - VectoIQ's trust and cash (net of redemptions) $ 238,358 Cash - PIPE 525,000 Less: transaction costs and advisory fees paid (51,200) Less: VectoIQ loan payoff in conjunction with close (422) Less: M&M Residual redemption (70,000) Less: Nimbus repurchase (25,000) Net Business Combination and PIPE financing 616,736 Less: non-cash net liabilities assumed from VectoIQ (21,919) Less: accrued transaction costs and advisory fees (295) Net contributions from Business Combination and PIPE financing $ 594,522 The number of shares of common stock issued immediately following the consummation of the Business Combination: Number of Shares Common stock, outstanding prior to Business Combination 22,986,574 Less: redemption of VectoIQ shares (2,702) Common stock of VectoIQ 22,983,872 VectoIQ Founder Shares 6,640,000 Shares issued in PIPE 52,500,000 Less: M&M Residual redemption (7,000,000) Less: Nimbus repurchase (2,850,930) Business Combination and PIPE financing shares 72,272,942 Legacy Nikola shares (1) 288,631,536 Total shares of common stock immediately after Business Combination 360,904,478 (1) The number of Legacy Nikola shares was determined from the 151,831,441 shares of Legacy Nikola common stock outstanding immediately prior to the closing of the Business Combination converted at the Exchange Ratio of 1.901. All fractional shares were rounded down.

BALANCE SHEET COMPONENTS (Table

BALANCE SHEET COMPONENTS (Tables)	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Inventory, Current	Inventory consists of the following: As of June 30, 2021 Raw materials $ 2,267 Work-in-process — Finished goods — Total inventory $ 2,267
Property, Plant and Equipment	Property, plant and equipment consist of the following at June 30, 2021 and December 31, 2020: As of June 30, 2021 December 31, 2020 Machinery and equipment $ 16,441 $ 14,820 Furniture and fixtures 1,480 1,480 Leasehold improvements 2,838 1,488 Software 5,793 4,285 Finance lease assets 34,920 34,775 Construction-in-progress 114,841 21,218 Other 2,040 1,750 Property, plant and equipment, gross 178,353 79,816 Less: accumulated depreciation and amortization (11,986) (8,415) Total property, plant and equipment, net $ 166,367 $ 71,401
Schedule of Accounts Payable and Accrued Liabilities	Accrued expenses and other current liabilities consisted of the following at June 30, 2021 and December 31, 2020: As of June 30, 2021 December 31, 2020 Accrued payroll and payroll related expenses $ 1,739 $ 1,105 Accrued deferred issuance costs 637 285 Accrued outsourced engineering services 7,656 2,514 Accrued purchases of property, plant and equipment 5,181 2,533 Accrued legal expenses 8,547 8,845 Other accrued liabilities 1,804 2,457 Current portion of finance lease liabilities 1,161 1,070 Total accrued expenses and other current liabilities $ 26,725 $ 18,809

Investments, Equity Method and

Investments, Equity Method and Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Equity in net loss of affiliates on the consolidated statements of operations for the three and six months ended June 30, 2021 and 2020, is as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Equity in net loss of affiliates $ (1,126) $ — $ (1,920) $ —
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The Company's interest in WVR is accounted for under the equity method and is included in investment in affiliates on the consolidated balance sheets. As of the WVR Closing Date, the fair value of the Company's investment in WVR was approximately $57.4 million, which consists of the Company's cash, common stock consideration, and the Put Right. The common stock consideration subject to the Put Right was classified as temporary equity on the consolidated balance sheets for $13.2 million which includes the fair value of the embedded Put Right of $3.2 million. Refer below for a reconciliation of the fair value of the Company's investment in WVR: Investment in WVR Common stock issued for investment in affiliates including common stock subject to Put Right $ 29,139 Cash consideration for investment in affiliates 25,000 Fair value of cash and common stock consideration for WVR 54,139 Fair value of embedded Put Right 3,237 Total investment in affiliates $ 57,376

STOCK BASED COMPENSATION EXPE_2

STOCK BASED COMPENSATION EXPENSE (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Share-based Payment Arrangement, Option, Activity	Changes in stock options are as follows: Options Weighted Weighted Average Outstanding at December 31, 2020 32,529,224 $ 1.28 7.82 Granted — $ — Exercised 2,929,917 $ 1.24 Cancelled 39,617 $ 3.00 Outstanding at June 30, 2021 29,559,690 $ 1.29 7.37 Vested and exercisable as of June 30, 2021 28,782,924 $ 1.24 7.35
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award	Changes in RSUs are as follows: Number of RSUs Balance at December 31, 2020 5,026,531 Granted 6,691,926 Released 1,268,227 Cancelled 504,968 Balance at June 30, 2021 9,945,262 Number of Market Based RSUs Balance at December 31, 2020 13,317,712 Granted — Released — Cancelled — Balance at June 30, 2021 13,317,712 As of June 30, 2021, total unrecognized compensation expense was as follows: Unrecognized compensation expense Options $ 1,509 Market Based RSUs 225,096 RSUs 164,895 Total unrecognized compensation expense at June 30, 2021 $ 391,500
Share-based Payment Arrangement, Expensed and Capitalized, Amount	The following table presents the impact of stock-based compensation expense on the consolidated statements of operations for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Research and development $ 10,228 $ 2,880 $ 20,550 $ 3,238 Selling, general, and administrative 42,442 35,347 82,386 36,302 Total stock-based compensation expense $ 52,670 $ 38,227 $ 102,936 $ 39,540

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the computation of the basic and diluted net loss per share for the three and six months ended June 30, 2021 and 2020. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net loss attributable to common stockholders $ (143,231) $ (129,189) $ (263,455) $ (162,335) Less: revaluation of warrant liability — — — — Adjusted net loss $ (143,231) $ (129,189) $ (263,455) $ (162,335) Denominator: Weighted average shares outstanding, basic 394,577,711 303,785,616 393,390,377 287,822,558 Dilutive effect of common stock issuable from assumed exercise of warrants — — — — Weighted average shares outstanding, diluted 394,577,711 303,785,616 393,390,377 287,822,558 Net loss per share: Basic $ (0.36) $ (0.43) $ (0.67) $ (0.56) Diluted $ (0.36) $ (0.43) $ (0.67) $ (0.56)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following outstanding common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because including them would have been anti-dilutive. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Outstanding warrants 760,915 23,890,000 760,915 23,890,000 Stock options, including performance stock options 29,559,690 39,717,079 29,559,690 39,717,079 Restricted stock units, including market based RSUs 23,262,974 18,519,000 23,262,974 18,519,000 Total 53,583,579 82,126,079 53,583,579 82,126,079

BASIS OF PRESENTATION - Narrati

BASIS OF PRESENTATION - Narrative (Details) - $ / shares	Jun. 30, 2021	Dec. 31, 2020	Jun. 03, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Common stock, par or stated value per share (in dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($)	Jun. 22, 2021	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents		$ 698,386,000	$ 698,386,000	$ 632,694,000	$ 840,913,000	$ 85,688,000
Restricted cash and cash equivalents – non-current		0	0	0	4,000,000	$ 4,144,000
Deposits				0	300,000
Common stock issued for investment in affiliates including common stock subject to Put Right		0	0	13,237,000	0
Wabash Valley Resources
Restricted Cash and Cash Equivalents Items [Line Items]
Equity method investment, ownership percentage	20.00%
Sale of stock, price per share (in dollars per share)	$ 14.86
Blackout period	90 days
Exercise period	10 days
Common stock issued for investment in affiliates including common stock subject to Put Right	$ 13,200,000
Wabash Valley Resources | Put Option
Restricted Cash and Cash Equivalents Items [Line Items]
Common stock issued for investment in affiliates including common stock subject to Put Right	$ 3,200,000
Mandatorily Redeemable Preferred Stock
Restricted Cash and Cash Equivalents Items [Line Items]
Liability, gain (loss) included in earnings		$ 0	$ (1,300,000)
Pinal Land Holdings, LLC
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and cash equivalents – non-current				0	4,000,000
Money Market
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents				609,000,000	827,100,000
Restricted cash and cash equivalents – non-current				$ 0	$ 4,100,000

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 632,694	$ 840,913	$ 698,386	$ 85,688
Restricted cash and cash equivalents – current	0	4,365	8,896	0
Restricted cash and cash equivalents – non-current	0	4,000	0	4,144
Cash, cash equivalents and restricted cash and cash equivalents	$ 632,694	$ 849,278	$ 707,282	$ 89,832

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Liabilities [Abstract]
Warrant liability	$ 8,895	$ 7,335
Money Market
Assets
Restricted cash equivalents – money market		4,100
Level 1
Liabilities [Abstract]
Warrant liability	0	0
Level 1 | Money Market
Assets
Restricted cash equivalents – money market		4,100
Level 2
Liabilities [Abstract]
Warrant liability	0	0
Level 2 | Money Market
Assets
Restricted cash equivalents – money market		0
Level 3
Liabilities [Abstract]
Warrant liability	$ 8,895	7,335
Level 3 | Money Market
Assets
Restricted cash equivalents – money market		$ 0

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Estimates and Assumptions Impacting Fair Value of Series D Preferred Stock (Details)	Jun. 30, 2020
Estimated future value of Series D redeemable convertible preferred stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Financial instruments subject to mandatory redemption, measurement input	10
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Financial instruments subject to mandatory redemption, measurement input	0
Time to liquidity (years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Financial instruments subject to mandatory redemption, measurement input	0

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair Value of Warrant Liabilities (Details) - Warrant Liability - VectoIQ $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Estimated fair value at beginning of period	$ 7,335
Change in fair value	1,560
Estimated fair value at end of period	$ 8,895

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair Value of Warrants, Inputs & Assumptions (Details)	Jun. 30, 2021$ / shares	Dec. 31, 2020$ / shares
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Remaining term (in years)	3 years 11 months 4 days	4 years 5 months 1 day
Stock price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	18.06	15.26
Exercise price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	11.50	11.50
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.75	0.75
Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0065	0.0030
Expected dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0	0

SUMMARY OF SIGNIFICANT ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair Value Measurement Inputs (Details) - Derivative Financial Instruments, Put Right Liabilities	Jun. 22, 2021$ / shares
Stock price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	17.32
Strike Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	14.86
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.95
Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0010

BUSINESS COMBINATION - Narrativ

BUSINESS COMBINATION - Narrative (Details) $ / shares in Units, $ in Millions	Jun. 03, 2020USD ($)$ / sharesshares	Jun. 02, 2020$ / sharesshares	Jun. 30, 2021$ / sharesshares	Dec. 31, 2020$ / sharesshares
Subsidiary, Sale of Stock [Line Items]
Conversion of stock, conversion ratio	1.901
Common stock and preferred stock, shares authorized (in shares)	750,000,000		750,000,000
Common stock, shares authorized (in shares)	600,000,000		600,000,000	600,000,000
Common stock, par or stated value per share (in dollars per share) | $ / shares	$ 0.0001		$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	150,000,000		150,000,000	150,000,000
Preferred stock, par or stated value per share (in dollars per share) | $ / shares	$ 0.0001		$ 0.0001	$ 0.0001
Nimbus Holdings, LLC
Subsidiary, Sale of Stock [Line Items]
Stock repurchased during the period (in shares)	2,850,930	2,850,930
Shares repurchased, price per share (in dollars per share) | $ / shares		$ 8.77
Stock repurchased during the period | $	$ 25
M&M Residual, LLC
Subsidiary, Sale of Stock [Line Items]
Stock repurchased during the period (in shares)	7,000,000
Shares repurchased, price per share (in dollars per share) | $ / shares	$ 10	$ 10
Private Placement
Subsidiary, Sale of Stock [Line Items]
Number of shares issued in transaction (in shares)	52,500,000
Sale of stock, price per share (in dollars per share) | $ / shares	$ 10
Sale of stock, consideration received on transaction | $	$ 525

BUSINESS COMBINATION - Schedule

BUSINESS COMBINATION - Schedule of Shares Issued (Details) - USD ($) $ in Thousands	Jun. 03, 2020	Jun. 02, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Business Acquisition [Line Items]
Cash - PIPE				$ 525,000
Less: VectoIQ loan payoff in conjunction with close				(422)
Net Business Combination and PIPE financing			$ 0	616,736
Less: non-cash net liabilities assumed from VectoIQ			0	(21,919)
Less: accrued transaction costs and advisory fees			$ 0	(295)
Net contributions from Business Combination and PIPE financing				594,522
Common stock, shares outstanding (in shares)	360,904,478	151,831,441	397,077,561		391,041,347
Business Combination and PIPE financing (in shares)	72,272,942
Legacy Nikola shares (in shares)	288,631,536
VectoIQ
Business Acquisition [Line Items]
Cash - VectoIQ's trust and cash (net of redemptions)				238,358
Less: transaction costs and advisory fees paid				(51,200)
Less: non-cash net liabilities assumed from VectoIQ				(21,919)
Private Placement
Business Acquisition [Line Items]
Shares issued in PIPE (in shares)	52,500,000
Common Shareholders
Business Acquisition [Line Items]
Common stock of VectoIQ and VectoIQ Founder Shares (in shares)	22,983,872
VectoIQ Founders
Business Acquisition [Line Items]
Common stock of VectoIQ and VectoIQ Founder Shares (in shares)	6,640,000
M&M Residual, LLC
Business Acquisition [Line Items]
Repurchase and redemption of stock				(70,000)
Stock repurchased during the period (in shares)	(7,000,000)
Nimbus Holdings, LLC
Business Acquisition [Line Items]
Repurchase and redemption of stock				$ (25,000)
Stock repurchased during the period (in shares)	(2,850,930)	(2,850,930)
VectoIQ
Business Acquisition [Line Items]
Common stock, shares outstanding (in shares)		22,986,574
Stock repurchased during the period (in shares)		(2,702)

BALANCE SHEET COMPONENTS - Inve

BALANCE SHEET COMPONENTS - Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 2,267
Work-in-process	0
Finished goods	0
Inventory	$ 2,267	$ 0

BALANCE SHEET COMPONENTS - Prop

BALANCE SHEET COMPONENTS - Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 178,353	$ 79,816
Less: accumulated depreciation and amortization	(11,986)	(8,415)
Total property, plant and equipment, net	166,367	71,401
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	16,441	14,820
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,480	1,480
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	2,838	1,488
Software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	5,793	4,285
Finance lease assets
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	34,920	34,775
Construction-in-progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	114,841	21,218
Other
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 2,040	$ 1,750

BALANCE SHEET COMPONENTS - Narr

BALANCE SHEET COMPONENTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation	$ 1.9	$ 1.5	$ 3.6	$ 2.9

BALANCE SHEET COMPONENTS - Accr

BALANCE SHEET COMPONENTS - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued payroll and payroll related expenses	$ 1,739	$ 1,105
Accrued deferred issuance costs	637	285
Accrued outsourced engineering services	7,656	2,514
Accrued purchases of property, plant and equipment	5,181	2,533
Accrued legal expenses	8,547	8,845
Other accrued liabilities	1,804	2,457
Current portion of finance lease liabilities	1,161	1,070
Total accrued expenses and other current liabilities	$ 26,725	$ 18,809

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 22, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Investment in affiliates		$ 63,639		$ 8,420
Cash consideration for investment in affiliates		25,000	$ 0
Common stock issued for investment in affiliates including common stock subject to Put Right		13,237	$ 0	$ 0
Nikola Iveco Europe B.V.
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage				50.00%
Payments to acquire joint venture				$ 8,800
Investment in affiliates		$ 6,300		$ 8,400
Nikola Iveco Europe B.V. | Nikola Iveco Europe B.V.
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage		50.00%
Equity method investment, volume and profit allocation percentage		50.00%
Wabash Valley Resources
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	20.00%
Investment in affiliates	$ 57,376
Cash consideration for investment in affiliates	$ 25,000
Common stock issued for investment in affiliates (in shares)	1,682,367
Sale of stock, price per share (in dollars per share)	$ 14.86
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable	$ 32,400
Fair value	54,139
Common stock issued for investment in affiliates including common stock subject to Put Right	13,200
Wabash Valley Resources | Put Option
Schedule of Equity Method Investments [Line Items]
Common stock issued for investment in affiliates including common stock subject to Put Right	$ 3,200
Iveco | Nikola Iveco Europe B.V.
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage				50.00%
Iveco | Nikola Iveco Europe B.V. | Nikola Iveco Europe B.V.
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage		50.00%
Equity method investment, volume and profit allocation percentage		50.00%

INVESTMENTS - Equity Method Inv

INVESTMENTS - Equity Method Investments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Schedule of Equity Method Investments [Line Items]
Equity in net loss of affiliates	$ (1,126)	$ 0	$ (1,920)	$ 0
Nikola Iveco Europe B.V.
Schedule of Equity Method Investments [Line Items]
Equity in net loss of affiliates	$ (1,126)	$ 0	$ (1,920)	$ 0

INVESTMENTS - Reconciliation of

INVESTMENTS - Reconciliation of Closing Stock Consideration (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 22, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Total investment in affiliates	$ 63,639		$ 8,420
Wabash Valley Resources
Schedule of Equity Method Investments [Line Items]
Common stock issued for investment in affiliates including common stock subject to Put Right		$ 29,139
Cash consideration for investment in affiliates		25,000
Fair value of cash and common stock consideration for WVR		54,139
Fair value of embedded Put Right		3,237
Total investment in affiliates		$ 57,376

RELATED PARTY TRANSACTIONS - Na

RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Jun. 03, 2020	Jun. 02, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020		Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
M&M Residual, LLC
Related Party Transaction [Line Items]
Stock repurchased during the period (in shares)	7,000,000
Shares repurchased, price per share (in dollars per share)	$ 10	$ 10
Common Stock
Related Party Transaction [Line Items]
Issuance of Series D redeemable convertible preferred stock for in-kind contribution (in shares)					7,390,436	[1]		9,443,353
Sale of stock, consideration received on transaction, value of in-kind services					$ 50			$ 50
Series D Preferred Stock
Related Party Transaction [Line Items]
Issuance of Series D redeemable convertible preferred stock for in-kind contribution (in shares)					7,390,436			9,443,353
Series D redeemable convertible preferred stock in exchange for licensed technology (in shares)					5,132,289			5,132,289
Chief Executive Officer | Aircraft Charter
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party					$ 0.1			$ 0.2
Affiliated Entity
Related Party Transaction [Line Items]
Stock repurchased during the period (in shares)			2,850,930
Shares repurchased, price per share (in dollars per share)			$ 8.77
Stock repurchased during the period			$ 25
Affiliated Entity | Common Stock
Related Party Transaction [Line Items]
Issuance of Series D redeemable convertible preferred stock for in-kind contribution, gross					72			92
Affiliated Entity | Prepaid In-Kind Services
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party				$ 14.8	10.5		$ 27.7	17.2
Due from Related Parties				$ 18.5			$ 18.5		$ 46.3
Affiliated Entity | Related Party Research And Development Expense
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party					$ 5.6			$ 6.5
[1]	Issuance of Series D redeemable convertible preferred stock has been retroactively restated to give effect to the recapitalization transaction.

DEBT - Narrative (Details)

DEBT - Narrative (Details) - USD ($)	Apr. 30, 2020	Apr. 30, 2020	Feb. 29, 2020	Feb. 28, 2019	Mar. 31, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Jan. 31, 2018
Debt Instrument [Line Items]
Interest rate, stated percentage				3.00%
Proceeds from issuance of long-term debt						$ 0	$ 4,134,000
Notes Payable to Banks
Debt Instrument [Line Items]
Face amount						$ 0		$ 4,100,000	$ 4,100,000
Interest rate, stated percentage									2.43%
Extension term			1 year	1 year
Repayments of long-term debt					$ 4,100,000
Notes Payable to Banks | Paycheck Protection Program, CARES Act
Debt Instrument [Line Items]
Interest rate, stated percentage	0.98%	0.98%
Repayments of long-term debt	$ 4,100,000
Proceeds from issuance of long-term debt		$ 4,100,000

CAPITAL STRUCTURE (Details)

CAPITAL STRUCTURE (Details) - USD ($)	Jun. 11, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Jun. 03, 2020
Class of Warrant or Right [Line Items]
Common stock and preferred stock, shares authorized (in shares)		750,000,000		750,000,000			750,000,000
Common stock, shares authorized (in shares)		600,000,000		600,000,000		600,000,000	600,000,000
Preferred stock, shares authorized (in shares)		150,000,000		150,000,000		150,000,000	150,000,000
Revaluation of warrant liability		$ (2,511,000)	$ (29,157,000)	$ (1,560,000)	$ (29,157,000)
Warrant liability		$ 8,895,000		8,895,000		$ 7,335,000
Purchase period	$ 36
Payments of stock issuance costs			$ 5,571,000		8,403,000
Issuance of common stock for commitment shares	2,600,000			$ 2,625,000	$ 0
Registration Rights Agreement
Class of Warrant or Right [Line Items]
Sale of stock, consideration received on transaction	$ 300,000,000
Maximum allowable beneficial ownership	4.99%
Number of shares issued in transaction (in shares)	18,012,845			0
Percentage of volume weighted average price	97.00%
Registration Rights Agreement Shares Issued For Commitment Fee
Class of Warrant or Right [Line Items]
Number of shares issued in transaction (in shares)	155,703
Outstanding warrants
Class of Warrant or Right [Line Items]
Number of shares called by each warrant (in shares)		1		1
Warrant exercise price per share (in dollars per share)		$ 11.50		$ 11.50
Warrant period following business combination				30 days
Private Warrant
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)		760,915		760,915

STOCK BASED COMPENSATION EXPE_3

STOCK BASED COMPENSATION EXPENSE - Narrative (Details)	1 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2021daymilestoneshares	Dec. 31, 2020shares	May 06, 2020shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)				42,802,865
Outstanding options (in shares)		29,559,690	32,529,224
2017 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period		10 years
Minimum | 2017 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise period		1 year
Maximum | 2017 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise period		4 years
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)				4,000,000
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year	3 years
Market Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of award vesting milestones | milestone		3
Vesting threshold trading days | day		20
Time Based Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		36 months

STOCK BASED COMPENSATION EXPE_4

STOCK BASED COMPENSATION EXPENSE - Stock Option Activity (Details) - $ / shares	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Options
Outstanding at beginning of period (in shares)		32,529,224
Granted (in shares)	0
Exercised (in shares)	2,929,917
Cancelled (in shares)	39,617
Options at end of period (in shares)	29,559,690	29,559,690	32,529,224
Vested and exercisable as of period end (in shares)	28,782,924	28,782,924
Weighted Average Exercise Price Per share
Outstanding at beginning of period (in dollars per share)		$ 1.28
Granted (in dollars per share)	$ 0
Exercised (in dollars per share)	1.24
Cancelled (in dollars per share)	3
Outstanding at end of period (in dollars per share)	1.29	1.29	$ 1.28
Vested and exercisable at period end (in dollars per share)	$ 1.24	$ 1.24
Weighted Average Remaining Contractual Term (Years)
Outstanding at beginning of period (in years)		7 years 4 months 13 days	7 years 9 months 25 days
Vested and exercisable at period end (in years)		7 years 4 months 6 days

STOCK BASED COMPENSATION EXPE_5

STOCK BASED COMPENSATION EXPENSE - Schedule of RSUs (Details) - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
RSUs
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Non-vested RSUs at beginning of period (in shares)		5,026,531
Grants in period (in shares)		6,691,926
Released (in shares)		1,268,227
Cancelled (in shares)		504,968
Non-vested RSUs at end of period (in shares)	9,945,262	9,945,262
Market Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Non-vested RSUs at beginning of period (in shares)		13,317,712
Grants in period (in shares)	0
Released (in shares)	0
Cancelled (in shares)	0
Non-vested RSUs at end of period (in shares)	13,317,712	13,317,712

STOCK BASED COMPENSATION EXPE_6

STOCK BASED COMPENSATION EXPENSE - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 52,670	$ 38,227	$ 102,936	$ 39,540
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	10,228	2,880	20,550	3,238
Selling, general, and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 42,442	$ 35,347	$ 82,386	$ 36,302

STOCK BASED COMPENSATION EXPE_7

STOCK BASED COMPENSATION EXPENSE - Unrecognized Compensation Expense (Details) $ in Thousands	Jun. 30, 2021USD ($)
Unrecognized compensation expense
Total unrecognized compensation expense at June 30, 2021	$ 391,500
Options
Unrecognized compensation expense
Options	1,509
Market Based RSUs
Unrecognized compensation expense
Market Based RSUs and RSUs	225,096
RSUs
Unrecognized compensation expense
Market Based RSUs and RSUs	$ 164,895

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions

Jan. 26, 2021

Oct. 19, 2020

Feb. 28, 2019USD ($)a

Jun. 30, 2021USD ($)

Jun. 30, 2021USD ($)

Jul. 29, 2021count

Dec. 31, 2020USD ($)employee

Nov. 16, 2020legal_motion

Sep. 23, 2020derivativeAction

Sep. 21, 2020officerAndEmployee

Sep. 20, 2020board_member

Sep. 15, 2020lawsuit

Sep. 14, 2020officerAndEmployee

Other Commitments [Line Items]

Number of class action lawsuits | lawsuit

6

Number of derivative actions | derivativeAction

2

Period of derivative action

30 days

30 days

Internal Review

Other Commitments [Line Items]

Number of officers and employees to receive subpoenas | officerAndEmployee

3

5

Number of board members | board_member

3

Number of employees interviewed | employee

30

Legal fees

$ 3.2

Litigation settlement, expense

$ 6.2

Accrued legal and professional fees

$ 6.4

$ 6.4

$ 6.6

Number of motions filed | legal_motion

10

Internal Review | Subsequent Event

Other Commitments [Line Items]

Number of counts of securities fraud | count

2

Number of counts of wire fraud | count

1

Coolidge, Arizona

Other Commitments [Line Items]

Area of land | a

430

Manufacturing Facility Commitment

Other Commitments [Line Items]

Construction completion period (in years)

5 years

Construction completion deadline monthly extension fee

$ 0.2

Construction completion, maximum extension period (in years)

2 years

Security deposit payable

$ 4

NET LOSS PER SHARE - Schedule o

NET LOSS PER SHARE - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net loss attributable to common stockholders	$ (143,231)	$ (129,189)	$ (263,455)	$ (162,335)
Net loss attributable to common stockholders	(143,231)	(115,782)	(263,455)	(148,928)
Less: revaluation of warrant liability	0	0	0	0
Adjusted net loss, diluted	$ (143,231)	$ (129,189)	$ (263,455)	$ (162,335)
Denominator:
Weighted average shares outstanding, basic (in shares)	394,577,711	303,785,616	393,390,377	287,822,558
Dilutive effect of common stock issuable from assumed exercise of warrants (in shares)	0	0	0	0
Weighted average shares outstanding, dilutive (in shares)	394,577,711	303,785,616	393,390,377	287,822,558
Net loss per share attributable to common stockholders:
Basic (in dollars per share)	$ (0.36)	$ (0.43)	$ (0.67)	$ (0.56)
Diluted (in dollars per share)	$ (0.36)	$ (0.43)	$ (0.67)	$ (0.56)

NET LOSS PER SHARE - Schedule_2

NET LOSS PER SHARE - Schedule of Antidilutive Securities (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	53,583,579	82,126,079	53,583,579	82,126,079
Outstanding warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	760,915	23,890,000	760,915	23,890,000
Stock options, including performance stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	29,559,690	39,717,079	29,559,690	39,717,079
Restricted stock units, including market based RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	23,262,974	18,519,000	23,262,974	18,519,000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event - Stock Purchase Agreement - USD ($) $ in Millions	Jul. 30, 2021	Jul. 12, 2021
Subsequent Event [Line Items]
Number of shares issued in transaction (in shares)	2,909,393	1,004,120
Sale of stock, consideration received on transaction		$ 14.8
Minimum
Subsequent Event [Line Items]
Sale of stock, consideration received on transaction	$ 30
Maximum
Subsequent Event [Line Items]
Sale of stock, consideration received on transaction	$ 35

Uncategorized Items - nkla-2021

Label	Element	Value
Money Market Funds [Member]
Cash and Cash Equivalents, Fair Value Disclosure	us-gaap_CashAndCashEquivalentsFairValueDisclosure	$ 827,118,000
Cash and Cash Equivalents, Fair Value Disclosure	us-gaap_CashAndCashEquivalentsFairValueDisclosure	608,985,000
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member]
Cash and Cash Equivalents, Fair Value Disclosure	us-gaap_CashAndCashEquivalentsFairValueDisclosure	0
Cash and Cash Equivalents, Fair Value Disclosure	us-gaap_CashAndCashEquivalentsFairValueDisclosure	0
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member]
Cash and Cash Equivalents, Fair Value Disclosure	us-gaap_CashAndCashEquivalentsFairValueDisclosure	0
Cash and Cash Equivalents, Fair Value Disclosure	us-gaap_CashAndCashEquivalentsFairValueDisclosure	0
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Cash and Cash Equivalents, Fair Value Disclosure	us-gaap_CashAndCashEquivalentsFairValueDisclosure	827,118,000
Cash and Cash Equivalents, Fair Value Disclosure	us-gaap_CashAndCashEquivalentsFairValueDisclosure	$ 608,985,000