GM going forward with nikola partnership talks on trucks

[DETROIT] General Motors is moving ahead in its talks with startup Nikola Corp over a proposed partnership to make electric and fuel-cell-powered trucks, a senior executive at the Detroit automaker said.

GM and Nikola announced a tentative agreement last month but have yet to come to final terms. Nikola's stock price has plunged in the wake of allegations of deception by a short seller, raising questions from investors about GM's due diligence and commitment to a deal.

"Right now we are going forward," Mark Reuss, GM's president, said in a Bloomberg TV interview taped Oct 16. In what he called "the exciting piece" of those discussions, Mr Reuss said GM plans to share hydrogen-fuel-cell technology developed with Honda Motor with Nikola for use in both a pickup and big-rig trucks.[DETROIT] General Motors is moving ahead in its talks with startup Nikola Corp over a proposed partnership to make electric and fuel-cell-powered trucks, a senior executive at the Detroit automaker said.

GM and Nikola announced a tentative agreement last month but have yet to come to final terms. Nikola's stock price has plunged in the wake of allegations of deception by a short seller, raising questions from investors about GM's due diligence and commitment to a deal.

They are taking what I believe is the best fuel cell in the world - with our fuel cell that is made in our joint venture with Honda right here in Michigan - and taking that fuel cell and looking at deploying it in the heavy-duty transport market with the large trucks - the Class 7 and 8s - and also in the light-duty Badger truck," he said.

The proposed deal would give GM an 11 per cent stake in Nikola and allow the startup to use its hydrogen-fuel-cell technology. GM also said it plans to manufacture the Badger pickup truck for Nikola, which initially would be battery-electric and eventually fuel-cell powered.