Partnership talks between General Motors and Nikola to build electric and fuel-cell pick up trucks together are still going ahead GM President Mark Reuss has told US media.
GM and Nikola have yet to finalise their partnership agreement after detailing it in early September and just days after that announcement a short seller had accused Nikola and its then chairman, Trevor Milton, of deception about its technology and capabilities, causing Nikola’s stock price to plunge and leaving investors to think GM is asking for more out of the deal before signing off.
“Right now we are going forward,” Reuss said in an interview
Under the agreement, Nikola would use GM’s new Ultium battery system and Hydrotec fuel-cell technology for its vehicles. GM would engineer and manufacture the Nikola Badger truck’s battery-electric and fuel-cell versions. In exchange, Nikola would give GM $US2 billion in newly issued common stock and an 11 per cent stake in its company.