Nikola, a Phoenix, Arizona-headquartered EV maker, filed for Chapter 11 bankruptcy due to monetary concerns and being a part of a struggling market.

Nikola has officially filed for Chapter 11 bankruptcy due to declining market demand, massive financial losses, and liquidity issues that forced the company to sell off assets. The company now joins the growing list of struggling electric vehicle manufacturers,

Tesla has recalled more than 370,000 vehicles for a power steering issue. The maker of electric vehicles said the recall covers 376,241 of its 2023 Model 3 sedans and Model Y SUVs (with operating software prior to 2023.

Tesla (TSLA) is recalling 376,241 vehicles in the U.S. to correct an issue with its power-assisted steering system, according to the U.S.