Vaporware is a term for a product that is advertised for sale before it is truly available. The word originated in Silicon Valley in response to startups charging for illegal presales of hardware or software that was still in development--or in the concept phase--in order to increase their company's value.

It was once hard to imagine anyone applying this unethical business strategy to the automotive industry: Most prototypes are fully functional vehicles and major manufacturers never ask consumers to pay a penny until they are buying a car.

Many legitimate startups ask potential customers to pay to reserve a vehicle while remaining transparent about timelines.

But recently, several electric truck startups have unveiled exciting prototypes and taken cash from consumers--only to be exposed for making fraudulent claims. Some EV startups knowingly tricked consumers into paying for nonexistent vehicles.

Related: 8 Reasons Why The Tesla Cybertruck Is A Game Changer

The Nikola Badger Will Never Be Built

This is an electric truck that turned out to be vaporware
via NikolaMotor

Today, the Nikola Badger electric truck is one of the great warning stories of the EV industry. But it was only a few months ago that Nikola was the darling of the EV world. Nikola had a moment in the limelight when the little startup announced intentions to build electric vehicles outfitted with hydrogen fuel cells to increase their range. Nikola first unveiled a semi truck that appeared to put Tesla on its back foot. Then the company announced the Badger pickup. While some electric truck prototypes have estimated ranges of just 200 miles on a single charge, the Badger's battery/hydrogen hybrid fuel system pushed its range to an estimated 600 miles! The vehicle had a cutting-edge interior and eye-catching LED lighting--both functional and decorative. General Motors stepped in to partner with Nikola, even promising to produce the Badger trucks in GM plants. The GM investment drove Nikola stocks up 40%.

Then a Wall Street short seller named Hindenburg Research investigated Nikola and in September 2020 released a report titled, "Nikola: How to Parlay An Ocean of Lies Into a Partnership With the Largest Auto OEM in America." Hindenburg claimed Nikola's first truck had never been able to move under its own power, and founder Trevor Milton filmed a mockup rolling down the hill then lied about the prototype. Nikola's stock fell to pre-GM-deal numbers and the Detroit company backed off the partnership. Nikola launched an internal investigation, Milton stepped down, and now the company is refunding truck deposits.

RELATED: Here's What Nikola Trucks May Mean For The Future

The Lordstown Endurance Is Crashing And Burning

Lordstown Motors Steve Burns 3
via

With competitor Ford's EV F150 in development, General Motors was obviously eager for an electric partnership. When Steve Burns--CEO of GM fleet vehicle builder Workhorse Group--split off to start his own electric fleet truck startup, General Motors got involved. This time GM loaned out $50-million and sold its Lordstown, Ohio assembly plant to the startup. After this deal, Burns' Lordstown Motors was born.

Lordstown announced an electric pickup: The Lordstown Endurance. They specificed their vehicle would feature hub motors and a solid rear axle, thus benefiting from having fewer moving parts than any motor vehicle on the road. Burns claimed that a tradesperson could buy a Lordstown Endurance--for the same price as an F150--then drive it 50,000 miles a year for eight years while spending less than $3,000 on repairs. Burns offered to back up his claims with an eight-year motor and battery warranty. He touted 100,000 pre-orders and pledged to put the people of Lordstown, Ohio back to work. During an election year, this final promise earned him the attention of then-President Donald Trump.

Hindenburg Research had a file open on Lordstown for months. Then in March 2021, they published a report titled, "The Lordstown Motors Mirage: Fake Orders, Undisclosed Production Hurdles, And A Prototype Inferno." The firm's first claim was that Burns' 100,000 pre-orders were bogus: they were nonbinding letters of intent, some leftover from his Workhorse days, others signed by bogus LLCs for a kickback from Lordstown. The report also outlined the extreme cost-cutting measures Burns had insisted upon, resulting in a truck assembled from cheap hub motors built by a Slovenian company in China and hand-assembled imitations of Tesla batteries. Finally, the report revealed that the first Lordstown Endurance roadtest resulted in a prototype bursting into flames.

RELATED: Here’s What We Learned About The Lordstown Endurance From The Hindenburg Research Report

Behind Schedule At Bollinger

the 2021 Bollinger B2
Via autospies.com

Years before Elon Musk unveiled his Cybertruck prototype, Robert Bollinger's B2 was the most radical electric truck around. Bollinger founded his company in 2014, and unveiled an electric 4x4 in June 2017--The Bollinger B1 SUV. The black squarebody with exposed rivets had a no-frills appearance. But the first model, priced at $125,000 boasted luxurious features such as four bucket seats and a glass roof. The combination was seductive, and by August 2017 Bollinger had received thousands of reservations. The Bollinger B2 pickup followed and was just as big a hit. But four years later, Bollinger has delivered zero of its promised vehicles. While newer startups are finishing cold-weather testing and hiring crash-test engineers, Bollinger is still announcing redesigns and has no manufacturing capacity.

In the era of Covid-setbacks, a long-delayed vehicle is far from being vaporware. But in March 2021, Bollinger pivoted dramatically, offering a cheaper cab-on-chassis option and drivetrains to fleet vehicle owners. Without finalizing the already-ordered vehicles, Bollinger Motors is scrambling for additional pre-orders and obviously struggling to increase their company's value. It is clear that the B1 and B2 are not only far from ready, but Bollinger Motors is incapable of building them anytime soon.

NEXT: Here Are All The Electric Trucks Promised In 2021 (And Which Ones We Might Actually See)