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Thursday 10 September 2020

GM agrees to build Nikola's electric pickup, buys US$2 billion stake in startup

General Motors took a US$2-billion equity stake in startup Nikola Corp., agreeing to manufacture its Badger electric-pickup model and diversifying the Detroit-based automaker’s alternate-fuel vehicle strategy.

GM will make in-kind contributions to take an 11-per-cent stake in Nikola and get the right to nominate one director to the company’s board, according to a statement.

The two companies expect the truck to start production by the end of 2022.

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