Cash-strapped Nikola Corp. is selling its stake in a European joint venture with Iveco Group for $35 million and 20.6 million shares of Nikola stock. It will prioritize hydrogen and fuel cell trucks in North America and phase out battery-electric models except for special orders.
The end of the joint venture, formed in 2019 when CNH Industrial invested $250 million in cash and partial ownership of a plant in Ulm, Germany, far from ends the relationship.
Iveco gets a license to keep developing...
https://www.freightwaves.com/news/nikola-cashes-out-european-jv-and-refocuses-on-fuel-cells-at-home