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G.M. Scales Back Alliance With Electric Truck Start-Up Nikola

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Basic Motors and Nikola, a high-profile start-up aiming to provide electrical vans, mentioned on Monday that that they had reached an settlement to work collectively solely on hydrogen gas cells, changing a broader alliance they initially outlined in September.

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The brand new settlement requires G.M. to promote fuel-cell expertise to Nikola. Gone are provisions for G.M. to take a $2 billion stake in Nikola, and for G.M. to provide an electrical pickup truck for the Phoenix-based firm. Nikola mentioned it now not deliberate to provide that pickup, the Badger.

September’s announcement had lifted Nikola’s inventory and investor confidence within the start-up’s formidable plans to develop heavy vans powered by hydrogen gas cells and a nationwide community of fueling stations.

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However simply days after the Sept. 8 partnership announcement, a small funding agency put out a report asserting that Nikola and its government chairman, Trevor Milton, had significantly overstated how a lot expertise the corporate had developed. Later that month, Mr. Milton resigned.

Nikola’s inventory was down about 20 p.c in morning buying and selling.

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It is a creating story. Examine again for updates.



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