On Tuesday morning, General Motors announced that it was entering into a partnership with Nikola Motor Company, the hydrogen fuel cell electric vehicle (FCEV) startup. For its part, Nikola is bringing $2 billion to the table in the form of newly issued stock, an 11 percent share in the company. In return, it appears GM will do pretty much everything else—engineering, homologating, validating, and manufacturing battery EV and FCEV variants of the Nikola Badger pickup truck.
"This strategic partnership with Nikola, an industry leading disrupter, continues the broader deployment of General Motors’ all-new Ultium battery and Hydrotec 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," said General Motors chairperson and CEO Mary Barra in a statement.
"Nikola is one of the most innovative companies in the world. General Motors is one of the top engineering and manufacturing companies in the world. You couldn’t dream of a better partnership than this,” said Trevor Milton, founder and CEO of Nikola.