Nikola Motor Company (NKLA) is the worst company of the year, according to Yahoo Finance users, who chose the company in a poll. Nikola received almost five times more votes than the second company, with a plurality of 15% of the 1,582 responses.

It’s been quite a year for the electric truck company, which has taken the other half available from the name of electric innovator Nikola Tesla. And not in a good way.

Positioning itself as a long-haul electro/hydrogen tractor-trailer version of Tesla, which has exploded this year with shares up more than 600%, Nikola went public in June through a purpose-built acquisition company (After-sales service) worth $3.3 billion. The company also plans to have a network of charging stations to operate a long-distance network.

Here is a recap of Nikola in 2020:

Of the society Evaluation had soared to $80 per share on the hype of a futuristic look battery powered van positioned for consumers, not the trucking industry as most corporate goals seemed to be.

In September, Nikola announced an alliance with GM use GM’s fuel cells and build pickup trucks, excite investors and drive shares up more than 48%. Nikola’s pickup truck, the Badger, was to be delivered by GM by the end of 2022 and Nikola was also to purchase GM technology to power its long-haulers. GM would own 11% of the company as part of the deal.

The deal gave the company a lot of credibility, with GM (CEO) as a partner; but on September 10, short seller Hindenburg Research published a report which cast a large shadow over the company, alleging that Nikola made false claims about its technology and capabilities. Among the allegations was a claim that one of his trucks in a video was not driving but was actually rolling down a hill. Hindenburg also alleged company founder Trevor Milton of nepotism after appointing his brother Travis, who Hindenburg said did not have enough experience.

“Nikola has been reviewed by some of the most credible companies and investors in the world,” the company said in a statement at the time. “[Nikola] will not hesitate based on a report filled with misleading information attempting to manipulate our stock.”

The story continues

Although the company denied the reports, it confirmed that the truck in a video was not driving, saying it I never said the truck was self fueling. Yet founder Trevor Milton resigned as CEO, shares fell about 30%.

[Yahoo Finance’s Company of the Year is Zoom]

In late November, GM announced a new deal, narrowing the partnership down to just the fuel cell side, scrapping the pickup and the automaker’s stake in Nikola. Shares fell almost 25% this afternoon after having already thwarted rumors.

On December 1, at the end of the stock blocking period, the price fell to around $18 as investors bailed out.

The young company is in its growth phase and does not sell trucks or generate revenue — or profit — so far, reporting a loss of $117 million in the third quarter.

Yahoo Finance users are disappointed, angry and poorer

Many respondents were furious with the company for losing their money.

In 220 angry and disappointed responses, the word “fraud” appeared 74 times and “scam” 36 times.

Nikola strongly denied the allegations of fraud. According to Bloomberg, the The SEC is investigating Hindenburg’s claims about Nikola, and the The Financial Times reported that the Justice Department also launched an investigation, then later subpoenaed Milton, that the company recognized in November.

Only 20% of Yahoo Finance users who chose Nikola as the worst company of the year said the company could redeem itself.

The biggest problem was the simple fact that the truck maker failed to deliver on its promise, readers said. A close follow has been the lack of transparency the company has shown.

One reader, who said the company could turn things around, urged it to “commit to the hard work of developing real-world technologies and products, and communicating progress to stakeholders and the public in a meaningful way.” transparent and precise.

Another reader who was also somewhat hopeful said that Nikola should “ask for help”. It was a common theme, as many were disappointed that the partnership with GM had not resulted in a symbiotic relationship in which the proven manufacturer and the futuristic future worked together to innovate.

This call for a partnership with a non-startup along with the urge to “set expectations and deliver” was popular as many seemed to think the company had a little more than it could chew, getting carried away by the hype.

Nikola declined to comment on Yahoo Finance, but directed readers to a press release on the company’s strategy which was released at the end of September. In it, the company responds to criticism by outlining its way forward: towards its milestones to have completed and tested prototypes, commercial hydrogen stations and the production of its trucks.

–

Ethan Wolff Mann is a writer at Yahoo Finance focusing on consumer issues, personal finance, retail, airlines, and more. Follow him on Twitter @ewolffmann.

For tutorials and information on investing and trading stocks, see Cashay

Follow Yahoo Finance on Twitter, Facebook, instagram, Flipboard, LinkedIn, and reddit.