The New Paper

December 1, 2020

GM scales down partnership with Nikola

General Motors announced a scaled-down partnership with electric vehicle company Nikola yesterday, removing previously announced terms including a $2B equity stake and a production agreement for Nikola’s Badger pickup truck. The revised partnership will now focus primarily on fuel cell technology, and comes after Nikola was accused by a short-selling hedge fund of fraud in September. Nikola shares dropped 27% yesterday after GM’s announcement.

This story is from the December 1, 2020 edition of The New Paper – a clear, concise daily briefing that makes fact-first news easy to consume. Try it today.