General Motors (NYSE: GM) won’t take an equity stake in startup electric truck maker Nikola Corp. (NASDAQ: NKLA), ending Nikola’s plans for its Badger pickup. But the two agreed to a nonbinding memorandum of understanding to explore using GM’s Hydrotec fuel cells in heavy-duty trucks.
GM originally planned to take an 11% stake in Nikola in exchange for producing the Badger, which Nikola heavily hyped under founder and former Executive Chairman Trevor Milton. The company would have had to pay GM...
https://www.freightwaves.com/news/news-alert-gm-wont-take-equity-stake-in-nikola