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General Motors & Nikola announced that they are partnering together to bring the Badger to production.
GM will receive a $2 billion equity stake in Nikola. Instead of money GM will be paying with its services and resources. GM will be the exclusive supplier of fuel cells for Nikola's Class 7/8 trucks outside of Europe, provide access to its battery technology and take on the manufacturing and engineering work for the Badger.
GM expects more than $4 billion in benefits from the tie-up, between the equity stake and additional payments for manufacturing and parts work.
As a result Nikola stocks rose over 30% today.
This is HUGE news for Nikola and legitimizes what they're doing with the Badger and their technology.
www.bloomberg.com
GM will receive a $2 billion equity stake in Nikola. Instead of money GM will be paying with its services and resources. GM will be the exclusive supplier of fuel cells for Nikola's Class 7/8 trucks outside of Europe, provide access to its battery technology and take on the manufacturing and engineering work for the Badger.
GM expects more than $4 billion in benefits from the tie-up, between the equity stake and additional payments for manufacturing and parts work.
As a result Nikola stocks rose over 30% today.
This is HUGE news for Nikola and legitimizes what they're doing with the Badger and their technology.
GM and Nikola Are a Match Made in Tesla Hell
Elon Musk just got a much more formidable competitor.
www.bloomberg.com
