General Motors takes $2 billion stake in electric truck startup Nikola – TechCrunch

Nikola and General Motors today announced a strategic Through the deal, GM gets 11% ownership in startup Nikola, and will, in turn, produce Nikola’s wild fuel cell pickup truck by the end of 2022. Both companies’ shares jumped on the news, with Nikola trading up 45% and GM …

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General Motors CEO Mary Barra said that she sees this as another path to deploy GM’s battery and fuel cell systems. “We are growing our presence in multiple high-volume EV segments while building scale to lower battery and fuel cell costs and increase profitability,” CEO Barra said. “In addition, applying General Motors’ electrified technology solutions to the heavy-duty class of commercial vehicles is another important step in fulfilling our vision of a zero-emissions future.

Nikola Founder and Executive Chairman Trevor Milton in a released statement. “By joining together, we get access to their validated parts for all of our programs, General Motors’ Ultium battery technology and a multi-billion dollar fuel cell program ready for production.

Through the deal, GM gets 11% ownership in startup Nikola, and will, in turn, produce Nikola’s wild fuel cell pickup truck by the end of 2022.

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