General Motors has plans to require an equity stake in Nikola and construct the Phoenix-based business ’s electric pickup. The two automakers announced a brand new, substantially scaled back deal that involves fuel cell systems for semi-trucks. Even the original deal, announced in September, gave Nikola a strong foothold to the electric truck marketplace.
GM was planning to build the Nikola Badger, a 906-hp truck that was expected to reach 60 mph in 2.9 seconds. These amounts would make it a viable competitor with all the Tesla Cybertruck and Rivian R1T. Unlike its rivals, however, the Badger would be accessible in battery-electric and fuel-cell electric versions, together with the latter generating electric power from a hydrogen fuel-cell stack. GM was also expected to require a $2 billion equity stake in Nikola, which equates to 11 percent ownership in the organization.
Sadly, the fantastic media was short-lived. Right after that agreement was announced, a short-seller report maintained that Nikola’therefore founder and then-executive chairman, Trevor Milton, overstated the capabilities of the business ’s battery technologies. Nikola contested the claims. Milton, however, resigned later that month.
The new agreement is much curtailed and doesn’t even entail the Badger. In the new agreement, GM will provide its Hydrotec fuel cell system to Nikola’therefore Class 7 and 8 semi-trucks. The two firms will also talk about the chance of semi-trucks utilizing GM’s latest Ultium battery tech .
Nikola says the Badger program was dependent on a partnership with a first equipment manager, so items aren’t looking good for the truck’s future right now. The company is going to refund all purchase deposits submitted to your Badger.
“Heavy trucks remain our core business and we’re 100 percent focused on hitting our growth milestones to bring clean hydrogen and battery-electric commercial trucks to advertise,” Nikola CEO Mark Russell stated as part of a statement, realising that the deal will leverage the strengths and resources of both firms. “We consider fuel-cells will become more and more significant to the semi-truck marketplace, as they’re more efficient than gas or petrol and are lightweight compared to batteries for extended hauls. ”
The current agreement is a non-binding memorandum of understanding. The final deal is subject to negotiation.
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The article GM and Nikola Strike New Deal, Badger Electric Truck Likely Dead appeared on Automobile Magazine.
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