Nikola tumbles after GM walks away from a stake in trucking start-up
In a skinnier deal General Motors will allow Nikola to use its hydrogen fuel-cell technology
30 November 2020 - 21:15
General Motors (GM) has scrapped a tentative plan to take a stake in clean-energy trucking start-up Nikola and jointly build an electric truck, opting instead for a much narrower relationship between the two companies.
Under terms of a pact announced on Monday, GM will allow Nikola to use its hydrogen fuel-cell technology in planned semi trucks. The deal doesn’t include GM owning Nikola shares, a reversal from a proposed 11% equity stake outlined in September. The new arrangement also drops plans for GM to manufacture a battery-powered truck for Nikola called the Badger...
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