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General Motors takes 11 percent stake and $2 billion in equity in electric truck maker Nikola

September 8, 2020

Via: NBC News

General Motors is taking an 11 percent stake in electric truck maker Nikola, agreeing to build its hydrogen fuel cell electric pickup truck the Badger by the end of 2022.

Nikola’s shares surged by about 45 percent in premarket trading, while GM jumped by almost 9 percent.

GM is getting a $2 billion stake in Nikola in exchange for in-kind services and will become the exclusive supplier of fuel cells globally outside of Europe to Nikola for Class 7/8 truck.

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