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.

It’s been a wild ride for the ambitious maker of large trucks, including a big-dollar deal with GM and a high-profile fraud conviction for its founder. But now, it’s bankrupt.

Nikola follows Canoo and Fisker into bankruptcy. Rivian continues to hold on, despite massive losses and taxpayer support, but it's losses mount every quarter.