After collecting $4M in PPP loans, Nikola Motors pairs up with GM on electric trucks.
When the company was formed in 2014, it focused on using hydrogen fuel cells to power semi trucks. It now plans to offer customers various options, and has pushed into the more mainstream automotive market with the addition of a zero-emissions pickup, the Badger.
“This GM deal means they don’t have to build a plant, they don’t need to build a platform, they don’t need to build the batteries or fuel cells. They just hand over the body and interior design to GM and say 'You build this thing,'" said Sam Abuelsamid, principal automotive analyst at Navigant Research.
First developed nearly 150 years ago, fuel cells take oxygen from the air and hydrogen gas, combining them in a device called a stack. That creates a supply of electricity and water vapor. Fuel cells helped power the Apollo moon mission capsules and have numerous uses, including back-up energy for cellphone towers.
Separately, GM has partnered with South Korea’s LG Chem to develop a new, high-performance line of batteries, the Ultium cells that are due to go into production at a new plant near Lordstown, Ohio. It will use those for “20 or more” battery-electric vehicles due out by 2023, the companies said. The Ultium cells are intended to deliver more power, charge more rapidly, and come down substantially in cost compared to the batteries the automaker uses today.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
General Motors Takes Stake in Electric-Vehicle Company NikolaGM agreed to help Nikola engineer and build its electric pickup truck in exchange for an 11% stake, the latest tie-up between a traditional auto maker and a vehicle upstart.
Read more »
Nikola shares pop 45% after General Motors takes 11% stake in electric truck makerNikola has announced the original equipment manufacturing partner that the company will be teaming up with on its new pickup called the Badger. General Motors will be engineering and manufacturing the vehicle and will receive an 11% ownership stake in Nikola. Trevor Milton, founder and executive chairman of Nikola, and Mary Barra, CEO of General Motors, join 'Squawk Box' to discuss the partnership.
Read more »
General Motors buys 11% equity stake in electric truck maker NikolaGeneral Motors Co said on Tuesday it was acquiring an 11% stake in U.S. electric truck maker Nikola Corp , worth about $2 billion, and will team up with the nascent company to make a pick-up truck powered by a battery-electric system and or fuel cell variants.
Read more »
General Motors takes 11 percent stake and $2 billion in equity in electric truck maker NikolaNikola’s shares surged by about 45 percent in premarket trading, while GM jumped by almost 9 percent.
Read more »
Nikola shares surge 45% after General Motors takes 11% stake in electric truck maker
Read more »
Nikola Surges As GM Takes Stake In Hydrogen Truckmaker, Partners On Electric PickupGeneral Motors and Nikola are forming a broad alliance on advanced vehicle technology, with the largest U.S. automaker partnering with the hydrogen truck startup to produce its electric pickup and providing battery and fuel cell
Read more »