Shares of Nikola soared more than 48% to $52.94 after GM’s investment, giving GM a paper gain of more than $500 million on its investment. GM said it expects to realize a total of $4 billion in value from the deal, including $700 million for building the Badger at one of its factories, and the […]
General Motors to take stake in Nikola electric truck company (photo: nikolamotor.com) As more automakers join forces to work on ambitious advances, the old-school auto giant will help the Arizona-based startup with battery and fuel cell technologies initially for the Nikola Badger pickup truck, and later for its larger commercial vehicles, the companies said in […]
Nikola, which went public through a “reverse merger” with a special acquisition company earlier this year, will “exchange $2 billion in newly issued common stock for the in-kind services and access to General Motors’ global safety-tested and validated parts and components,” the companies announced. GM will also get to nominate one director to Nikola’s board.