Nikola Corp.’s plan to sell its business in bankruptcy is complicated by the federal government’s expected retreat from policies and incentives that were meant to boost electric-vehicle sales.

Nikola said on Wednesday it had filed for Chapter 11 bankruptcy protection and would pursue a sale of its assets, the latest electric-vehicle maker to stumble after grappling with tepid demand, rapid cash burn and funding challenges.

Nikola, an EV startup once valued higher than Ford, has filed for Chapter 11 bankruptcy. In the wake of a high-profile scandal and a recall that rocked the company to its core, Nikola says it only has about $47 million in cash on hand.