For those wondering if there’d be any fallout from the craziness at Nikola, there is. The Nikola Badger electric pickup truck is dead. GM is no longer seeking an equity stake in the company. Nikola with still use GM’s fuel cell technology in its Class 7 and Class 8 trucks.
Today Nikola signed a Memorandum of Understanding (MOU) about using GM’s Hydrotec fuel cell technology in its Class 7 and 8 trucks. “This supersedes and replaces the transaction announced on September 8, 2020,” the news release says.
That means that GM is no longer looking to purchase an equity stake in the company. After Trevor Milton received his golden parachute for potentially crashing the entire company, the stock tanked and people wondered if GM would continue its desire to take control of part of the company.
Nikola’s release continues by saying, “[t]he MOU does not include the previously contemplated GM equity stake in Nikola or development of the Nikola Badger.”
That’ll surely not bode well for any remaining stock value of the company. Though, we’re definitely not investment advisers and you definitely shouldn’t take our advice as such.
If you were one of the deposit holders on the Nikola Badger pickup, you’ll receive a full refund on your deposit.
It’s sad that it has come to this. The Nikole Badger looked to be an appealing pickup, in a growing segment of not-yet-on-sale-but-might-actually-be-for-sale EV pickups.
Thankfully for enthusiasts of electric pickups, there is still a large number of different offerings coming soon.
Did you have a reservation on a Nikola?