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Technology Stocks : Nikola Corp

NKLA 0.0297

-1.0%

Nov 11 9:30 AM EST

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From: kidl	9/8/2020 8:23:42 AM
	of 252

Nikola And General Motors Form Strategic Partnership; Nikola Badger To Be Engineered And Manufactured By General Motors General Motors receives 11 percent ownership of Nikola and right to nominate one director; General Motors seizes growth opportunity with Nikola to boldly move into broader markets with Hydrotec fuel cell and Ultium battery systems - General Motors to receive $2 billion equity stake in Nikola in exchange for certain in-kind contributions- General Motors to engineer, validate, homologate and build the Nikola Badger for both the battery electric vehicle and fuel cell electric vehicle variants as part of the in-kind services - Nikola anticipates saving over $4 billion in battery and powertrain costs over 10 years and over $1 billion in engineering and validation costs - General Motors expects to receive in excess of $4 billion of benefits between the equity value of the shares, contract manufacturing of the Badger, supply contracts for batteries and fuel cells, and EV credits retained over the life of the contract - General Motors to be exclusive supplier of fuel cells globally (outside of Europe) to Nikola for Class 7/8 trucks, providing validation and scale in a multi-billion dollar total addressable market- Badger is anticipated to enter production by year-end 2022 PR Newswire

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