General Motors is taking an 11 percent stake in electric truck startup Nikola, the companies announced on Tuesday. As part of the deal, GM will help Nikola engineer and manufacture its battery-electric and hydrogen fuel cell vehicles, including the Badger pickup truck.
Nikola, which went public through a “reverse merger” with a special acquisition company earlier this year, will “exchange $2 billion in newly issued common stock for the in-kind services and access to General Motors’ global safety-tested and validated parts and components,” the companies announced. GM will also get to nominate one director to Nikola’s board.
GM will supply hydrogen fuel…tech, The Verge