Photo: Reuters
DETROIT (Reuters) - General Motors Corporation (GM) and Nikola Corporation on Monday announced a reworked agreement on a fuel-cell partnership that eliminates an equity stake in the startup for the Detroit automaker as well as plans for building Nikola's electric pickup truck, sending Nikola shares tumbling almost 25%.
In September, the companies announced a deal under which GM would supply batteries, a chassis architecture, fuel cell systems and a factory to build Nikola's proposed Badger electric pickup in return for an 11% stake and $700 million. But the deal came into question after a short seller criticised Nikola as a fraud, something Nikola has denied.
The new agreement, a non-binding memorandum of understanding that doesn't expire until the end of 2021, is subject to negotiation and a definitive deal, Nikola and GM said in separate statements.
Under the new deal, GM will supply its fuel-cell system for Nikola's Class 7 and Class 8 commercial semi-trucks, Nikola said.
The companies are also discussing Nikola's potential use of GM's Ultium electric battery system in its commercial trailers.
Nikola officials said the new deal focuses on the fuel-cell side of the business, where they see the greatest potential. They also said they remain confident of signing a deal by year end with an energy partner to build hydrogen-refueling stations.
Nikola's shares sank almost 25% in afternoon trading, while GM's fell 1.7%.
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