JUST IN: GM is taking an 11% stake in Nikola. “For us it was a no-brainer,” Nikola founder Trevor Milton says about the deal.
announced that it's taking an 11% stake in the electric truck maker and will produce its marquee hydrogen fuel cell electric pickup truck the Badger by the end of 2022.GM is getting a $2 billion stake in Nikola in exchange for in-kind services and will become the exclusive supplier of fuel cells globally outside of Europe to Nikola for Class 7/8 truck. Nikola makes battery-electric and hydrogen-powered trucks.
"This strategic partnership with Nikola, an industry leading disrupter, continues the broader deployment of General Motors' all-new Ultium battery and Hydrotec fuel cell systems," said GM CEO Mary Barra said in a statement. Nikola founder and Executive Chairman Trevor Milton said the partnership gives Nikola access to GM's validated parts as well as its Ultium battery technology and a multibillion dollar fuel cell program.
"Nikola immediately gets decades of supplier and manufacturing knowledge, validated and tested production-ready EV propulsion, world-class engineering and investor confidence," Milton said in a statement. "Most importantly, General Motors has a vested interest to see Nikola succeed." Nikola began trading June 4 after a reverse merger with VectoIQ, which is a publicly-traded special purpose acquisition company headed by former vice chairman of GM Stephen Girsky.
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