General Motors receives 11 % ownership in Nikola, according to the company’s press release. Equity stake, worth $2 billion with a right to nominate one director, goes in exchange for certain in-kind contributions.

  • General Motors will engineer, build, and accept the Nikola Badger for fuel cell electric and the battery electric vehicle variants in this partnership.
  • Nikola expects to save over $4 billion in manufacturing and $1 billion in engineering and validation costs over 10 years.
  • General Motors expects to receive more than $4 billion. Benefits will come from Badger manufacturing,  supply contracts for batteries and fuel cells, Nikola shares’ value, and EV credits retained over the partnership’s lifetime.
  • Badger scheduled to enter production by year-end 2022

General Motors will be an exclusive supplier to Nikola for Class 7/8 trucks worldwide, excluding Europe.

GM: Nyse is up 7.93%

NKLA: Nasdaq is up 40.93%