Nikola cashes out European JV and refocuses on fuel cells at home

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

Nikola wants to add 200M common shares that could raise $1.5B

Nikola Corp. will ask shareholders to dilute their holdings in the startup electric truck manufacturer by authorizing 200 million new shares, proceeds from which could scale electric truck operations or fight off a hostile takeover attempt.  

The putative poison pill defense could ward off acquirers aware that Nikola shares are cheap, closing Friday at $7.52 after touching $93 in the days after its SPAC merger in June 2020. 

Allegations of fraud, which led Nikola to agree to pay a $125 million...

https://www.freightwaves.com/news/nikola-wants-to-add-200m-common-shares-that-could-raise-15b

Nikola quiere añadir 200M de acciones ordinarias que podrían recaudar 1,5B de dólares

Nikola Corp. pedirá a los accionistas que diluyan sus participaciones en el nuevo fabricante de camiones eléctricos mediante la autorización de 200 millones de nuevas acciones, cuyos ingresos podrían escalar las operaciones de camiones eléctricos o luchar contra un intento de adquisición hostil.  

La defensa de la píldora venenosa putativa podría alejar a los adquirentes conscientes de que las acciones de Nikola están baratas, cerrando el viernes a 7,52 dólares después de tocar los 93 dólares en...

https://www.freightwaves.com/news/nikola-quiere-anadir-200m-de-acciones-ordinarias-que-podrian-recaudar-15b-de-dolares

Nikola finds hydrogen distributor for future European fuel cell trucks

Nikola Corp. (NASDAQ: NKLA), its European joint venture manufacturing partner IVECO and German pipeline company OGE will work together to transport hydrogen to stations serving commercial fuel cell electric vehicles (FCEVs).

The 124-mile natural gas pipeline network will move hydrogen from where it is produced to hydrogen stations. Nikola will not begin heavy-duty fuel cell truck production until late 2022. 

A lot of details of the three-way partnership remain uncertain, such as roles and...

https://s29755.pcdn.co/news/nikola-finds-hydrogen-distributor-for-future-european-fuel-cell-trucks

Truck Talk: ‘Look, Ma, no hands’ edition

This week, we’re cleaning up after a flurry of news in the autonomous vehicle space and seeing the first concrete evidence that the chips are down for truck manufacturers. 

Construction alert

One went public. One went virtual. Another expanded in China. After an unusually busy week in the autonomous vehicle space, what could possibly be left to talk about? 

Let’s start with construction zones. They present a vexing yet all-too-frequent challenge for designers of perception software expected to be...

https://s29755.pcdn.co/news/truck-talk-look-ma-no-hands-edition

Second major partner cuts stake as Nikola plans $100M sale of new shares

Green Nikola Holdings plans to cut its ownership stake in Nikola Corp. (NASDAQ: NKLA) by 50%. The subsidiary of South Korean solar panel maker Hanwha Group is the second major partner to reduce its holdings in the troubled electric truck startup.

The action follows Nikola’s filing on Monday to sell $100 million in new shares. The additional shares would dilute the value of shares currently held.

The Hanwha affiliate said it still believes in Nikola’s plans for zero-emissions trucking by battery...

https://www.freightwaves.com/news/second-major-partner-cuts-stake-as-nikola-seeks-new-100m

FreightWaves Truck Talk: A ‘SPAC-tacular’ new year

Welcome to FreightWaves Truck Talk, a weekly newsletter adding perspective, context and commentary to industry news and trends. 

The SPAC train keeps on rolling. Odeon Capital is keeping track of the growing hunting party of special purpose acquisition companies (SPACs). It counts 149 suitors seeking business combination targets. Odeon Capital analyst Alex Arnold puts the collective bankroll of blank checks at $57 billion. SPAC Insider lists 248 SPACs filed in 2020. In the first week of the...

https://s29755.pcdn.co/news/freightwaves-truck-talk-a-spac-tacular-new-year

GM walks on equity stake in Nikola, may supply fuel cells

General Motors (NYSE: GM) is passing on taking an equity stake in startup Nikola Corp. (NASDAQ: NKLA), reducing a wide-ranging manufacturing partnership and supply deal announced in September to possibly providing fuel cells in the future.

GM CEO Mary Barra and former Nikola Executive Chairman Trevor Milton excitedly described the $2 billion tie-up on Sept. 8. GM would get an 11% ownership in Nikola in exchange for manufacturing the Nikola Badger electric pickup truck. Providing advanced battery...

https://www.freightwaves.com/news/gm-walks-on-equity-stake-in-nikola-may-supply-fuel-cells

Short seller Hindenburg Research renews attack on Nikola

Hindenburg Research, the short seller that successfully beat down Nikola’s share price by 40%, fired more shots at the beleaguered electric truck startup on Tuesday. Nikola refused to engage amid a report of a possible Securities and Exchange Commission (SEC) inquiry.

Nikola, which hired crisis communications firm Joele Frank, declined to respond to questions about Hindenburg’s renewed attack or a Bloomberg report quoting unnamed sources that the SEC was investigating Nikola. 

The SEC declined to...

https://s29755.pcdn.co/news/short-seller-hindenburg-research-renews-attack-on-nikola