Nikola shares surge after General Motors takes an 11% stake in the electric truck maker.
to spin off its electric vehicle business, extend beyond the Badger pickup truck to include Nikola's semi trucks, too "So this is a huge growth opportunity for us," she said.Appearing alongside Barra on "Squawk Box," Nikola founder and Executive Chairman Trevor Milton said the partnership gives Nikola more than just a manufacturer. Nikola will also have access to GM's validated parts as well as its Ultium battery technology and a multibillion dollar fuel cell program.
In a statement, Milton said GM gives Nikola "decades of supplier and manufacturing knowledge, validated and tested production-ready EV propulsion, world-class engineering and investor confidence. Most importantly, General Motors has a vested interest to see Nikola succeed." CEO Trevor Milton had previously said the company would need to partner with an established manufacturer to build its Badger pickup.
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Nikola shares surge 45% after General Motors takes 11% stake in electric truck maker
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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.
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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 »