The deal, for GM, was initially praised by Wall Street. But the stock is still down, lowering the payoff General Motors gets from the deal. Nikola Founded in 2015 in Salt Lake City, Nikola initially focused on producing a pair of heavy-duty semi-trucks that would use hydrogen fuel-cell technology to produce zero emissions. Phoenix-based Nikola specializes in building zero-emission semi-trucks using battery or hydrogen fuel cell technology. GM and Nikola announced their partnership just a few days before the short-seller's report was published. But figuring out what exactly is driving Nikola stock on a given day has been difficult lately. GM also gets the right to nominate one board member in exchange for in-kind services. Shares are up 12.5%, at $20.12, in recent trading. In addition, applying General Motors’ electrified technology solutions to the heavy-duty class of commercial vehicles is another important step in fulfilling our vision of a zero-emissions future,” she said. CEO and founder of U.S. Nikola, Trevor Milton, at a presentation in Turin, Italy, on Dec. 2, 2019. “We are continuing our discussions with Nikola and will provide further updates when appropriate or required.” Nikola relayed the same sentiment in a separate statement.

More recently, Nikola announced plans to produce a full-size pickup, the Badger, and enhance its appeal by offering several different versions. “Staggeringly dumb.” That’s the latest insult Elon Musk threw at Nikola Motors (NKLA), which has rocketed a crazy 500%+ since April. For the deal to go forward, Nikola (ticker: NKLA) might have to offer GM (GM) more stock. The vehicle maker has been accused of staging a video to make it appear as though one of its truck prototypes was cruising down a hill. “Our priorities remain unchanged and, in collaboration with our partners, we are laser-focused on executing on our strategic initiatives and laying the groundwork to become a vertically integrated zero-emissions transportation solutions provider,” Russell said, according to a company statement. The Phoenix-based startup, which went public this year, was called out by short-seller Hindenburg Research in a report released on Sept. 10. Nikola, General Motors deal not expected to close today Squawk on the Street Hindenburg's claims sparked doubt among investors that Nikola's previously announced deal with … and The easiest thing for Nikola to do would be to give up more stock, though that might chafe existing shareholders. (F), a GM peer, is down 3.9%. But figuring out what exactly is driving Nikola stock on a given day has been difficult lately. According to GM’s Chairman and CEO Mary Barra, the strategic partnership with Nikola continues the broader deployment of General Motors’ all-new Ultium battery and Hydrotec fuel cell systems. Since then, the Securities and Exchange Commission and the Department of Justice have both reportedly launched investigations. General Motors is one of the top engineering and manufacturing companies in the world. All told, Milton said at the time, the alliance would save Nikola billions, while GM would gain an 11 percent stake. Fuel-cell technology is seen as a potential alternative to battery power because it can provide significantly longer range. The electric truck startup Nikola and General Motors (GM) announced on Tuesday a strategic partnership to produce an electric pickup truck dubbed the ‘Badger’. Copyright ©2020 Dow Jones & Company, Inc. All Rights Reserved. Imagine getting 100 years of supplier relationships, validated part access and engineering support. With Milton stepping down, Steve Girsky, 58, will become chairman. That seems to imply the market believes the deal is on, even if the terms are recut. Girsky was a long-time Wall Street analyst who became vice chairman of General Motors as part of the government-led bailout of the automaker a decade ago. Shares are up 12.5%, at $20.12, in recent trading. General Motors and Nikola recently announced a blockbuster deal, shaking up both the car and truck industries. All rights reserved.

For his part, Milton said on Twitter Sunday night that he would defend himself against what he described as “false allegations." It also helped change the perception of GM’s battery and fuel-cell technology platforms. In the meantime, he has “made the difficult decision to approach the board and step aside,” according to a statement issued by Nikola. In a statement issued Monday morning, however, GM acknowledged Milton’s decision and said it would continue to “work with Nikola to close the transaction we announced nearly two weeks ago to seize the growth opportunities in broader markets with our Hydrotec fuel cell and Ultium battery systems, and to engineer and build the Nikola Badger.”, The short-seller’s report, titled, “How to Parlay an Ocean of Lies into a Partnership with the Largest Auto OEM in America,” outlined what it claimed to be “an intricate fraud built on dozens of lies.”. Since the Hindenburg report was released, however, the shares have fallen by nearly one-third. “Our transaction with Nikola has not closed,” a GM spokesman told Barron’s in an emailed statement Wednesday morning. “Nikola is one of the most innovative companies in the world. This copy is for your personal, non-commercial use only. “By joining together, we get access to their validated parts for all of our programs, General Motors’ Ultium battery technology and a multi-billion-dollar fuel cell program ready for production,” he added. After the deal, Morgan Stanley analyst Adam Jonas wondered in a research report if GM has a “stable of potential unicorns,” referring to the name given to privately held billion-dollar tech start-ups. Shares are down 10% since the Hindenburg report was published.


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