Nikola Corporation (NASDAQ: NKLA) and General Motors (NYSE: GM) recently announced entry into a strategic partnership that was featured in a MarketWatch article titled, “UPDATE: Nikola shares soar 45% premarket on news of GM partnership; GM to receive $2 billion in Nikola stock.” According to the update, Nikola will use GM’s Ultium battery system and Hydrotec fuel cell technology under the agreement, and the collaboration will start with the Nikola Badger, NKLA’s planned fully-electric and hydrogen fuel cell electric pickup truck, and include cost reductions for other models. For in-kind services and access to GM’s parts and components, Nikola will exchange $2 billion in new stock and GM will have 11% ownership of Nikola and the right to nominate one director to its board. The article includes commentary from Wedbush analyst Dan Ives, who states, “This news is a huge shot in the arm for Nikola and cements credibility not just for its Badger production slated to begin by the end of 2022 but for its hydrogen fuel cell ambitions and semi truck vision going forward. There have been many skeptics around Nikola and its founder Trevor Milton’s ambitions over the coming years, which now get thrown out the window with stalwart GM making a major strategic bet on Nikola for the next decade on the EV and fuel cell front.”
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About Nikola Corporation
Nikola Corporation is globally transforming the transportation industry. As a designer and manufacturer of zero-emission battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure, Nikola is driven to revolutionize the economic and environmental impact of commerce. Founded in 2015, Nikola Corporation is headquartered in Phoenix, Arizona. For more information, visit www.NikolaMotor.com.
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