Nikola said Wednesday it had filed for Chapter 11 bankruptcy protection and would pursue a sale of all or most of its assets, after grappling with rapid cash burn and struggling to raise funds in the past few quarters.

Nikola was the latest high-profile EV company to go belly after failing to meet high expectations. Other EV startups that failed include Lordstown, Proterra, and Fisker. TuSimple, a self-driving truck company from China, pivoted to gaming tech.

Nikola's bankruptcy, culminates a long slide for the onetime darling of the electric-vehicle industry, which struggled with weak sales, multiple CEOs and a fraud scandal.