General Motors

Behind the scenes: How the GM-Nikola tie-up came together

When Steve Girsky made the deal to take Nikola Corp. (NASDAQ: NKLA) public in a reverse merger in March, one of his first calls was to General Motors CEO Mary Barra. He wanted to shop the idea of the automaker working with the electric truck startup on batteries and fuel cells.

As former vice chairman at GM (NYSE: GM), Girsky knew the company had deep reservoirs of expertise in both technologies. Former GM fuel cell engineers advised Nikola even before Girsky’s VectoIQ special purpose...

https://s29755.pcdn.co/news/behind-the-scenes-how-the-gm-nikola-tie-up-came-together

The Daily Dash: GM, Nikola and fuel cells; why trucking’s AB5 exemption could be in jeopardy

Nikola Two hydrogen fuel cell truck

The Daily Dash is a quick look at what is happening in the freight ecosystem. In today’s edition, General Motors and Nikola Corp. strike a deal for fuel cells and production of Nikola’s Badger pickup. Plus, diesel engines have been a big winner from the fallout of the Volkswagen diesel emissions scandal, and trucking’s exemption from AB5 could be at risk.

GM, Nikola strike a deal

General Motors will supply fuel cells and advanced batteries for Nikola Corp.’s Class 7 and 8 trucks. GM will also...

https://s29755.pcdn.co/news/gm-and-nikola-strike-fuel-cell-deal-and-californias-ab5-back-in-court

GM will supply batteries and fuel cells for Nikola electric trucks

General Motors Co. (NYSE: GM) is taking an 11% equity stake in startup electric truck maker Nikola Corp. (NASDAQ: NKLA), supplying advanced batteries and fuel cells for the company’s Class 7 and 8 trucks.

GM also will produce battery- and hydrogen-powered variants of Nikola’s Badger full-size electric pickup.

The announcement from the two companies Tuesday goes well beyond Nikola’s promise to name a manufacturing partner for the Badger before the end of the year. GM will make the Badger on its...

https://s29755.pcdn.co/news/gm-will-supply-batteries-and-fuel-cells-for-nikola-electric-trucks

Breaking News: GM invests in Nikola; to build Badger pickup

General Motors Co. (NYSE: GM) will become an 11% owner of electric truck startup Nikola Motors Corp. (NASDAQ: NKLA) and build the battery-electric Badger pickup as well as providing the fuel cells for Nikola’s Class 7 and 8 full-size trucks, the companies said Tuesday.

GM, which plans its own electric pickup truck, also recently invested in startup Lordstown Motors, which is planning a commercially focused pickup.

As CEO of VectoIQ, former GM Vice Chairman Steve Girsky led the reverse merger...

https://s29755.pcdn.co/news/breaking-news-gm-invests-in-nikola-to-build-badger-pickup

Workhorse losses grow as stock surges, production ramps up

Electric delivery van and drone maker Workhorse Group Inc. (NASDAQ: WKHS) reported a dramatically wider second-quarter loss because of interest paid on borrowed money linked to its stock, the value of which grew explosively during the quarter.

Two senior secured convertible notes with HT Investments MA LLC raised $95 million in cash in December 2019 and in June this year. Workhorse paid net interest of $124.3 million because it is paying principal and interest on the loan in company stock. Net...

https://www.freightwaves.com/news/workhorse-losses-grow-as-stock-surges-production-ramps-up

Lordstown Motors going public in reverse merger

Vice President Pence and Endurance pickup

Startup electric pickup truck maker Lordstown Motors Corp. (LMC) will go public in a reverse merger that will bring it the much-needed cash to retool a former General Motors (NYSE: GM) car plant.

The deal with DiamondPeak Holdings Corp. (NASDAQ: DPHCU) will bring $675 million to LMC at a valuation of $1.6 billion. Assuming the merger closes in the fourth quarter, LMC will trade under the ticker symbol RIDE.

“We evaluated hundreds of companies for more than a year and Lordstown stood out as a...

https://s29755.pcdn.co/news/lordstown-motors-going-public-in-reverse-merger

Flood of new and cheap shares sink Nikola stock

New shares sinnk Nikola stock

Holders of warrants for new stock and early investors who bought discounted shares in electric truck startup Nikola Corp. (NASDAQ: NKLA) poised to head for the exits after trading hours on Friday.

In a prospectus filed with the U.S. Securities and Exchange Commission, Nikola said it would receive about $274 million from the sale of 23 million new shares. Those shares will be added to the current 361 million shares.

But Nikola gets nothing from owners who purchased 53 million shares in VectoIQ....

https://s29755.pcdn.co/news/flood-of-new-and-cheap-shares-sink-nikola-stock

Mexico’s automotive manufacturing industry stems bleeding

After more than two months of shutdowns and delays, Mexico’s automotive manufacturing industry showed signs of life, producing 238,946 units in June, according to a new report from Mexico’s National Institute of Statistics and Geography (INEGI).

The Mexican auto production industry still registered a 29% decline in June compared to the same period in 2019. But the figure is a significant improvement over the historic 98% and 94% declines in April and May, said Fausto Cuevas, director general of...

https://www.freightwaves.com/news/mexicos-automotive-manufacturing-industry-stems-bleeding

Borderlands: Mexico tough for foreign firms; GM, union spar on Texas plant closure

Survey: Mexico is the 13th most complex country for business 

A reliance on older technology and pen-and-paper documents are among the reasons Mexico landed on the list of most complex countries to do business in the world, according to an annual survey by TMF Group.

The Global Business Complexity Index survey, which compares key administrative and compliance demands across 77 jurisdictions worldwide, ranked Mexico as the 13th most complex place to do business globally.

“Due to the quantity and...

https://s29755.pcdn.co/news/borderlands-mexico-tough-for-foreign-firms-gm-union-spar-on-texas-plant-closure

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