General Motors (GM), an American multinational corporation, has acquired an 11% stake in U.S. electric truck making startup Nikola for $2 billion. The automobile manufacturer will also have the right to nominate one board member in return for in-kind services.
Nikola specializes in building zero-emission semi-trucks using battery or hydrogen fuel cell technology, and it has recently introduced its Badger pickup truck for consumers. With this strategic partnership, Nikola gets access to General Motors validated parts for all of its programs – The Ultium battery system and Hydrotec fuel cell technology. With this partnership, GM, the exclusive supplier of Nikola’s fuel cells globally, except Europe, for its class 7/8 trucks.
Nikola Founder and Executive Chairman Trevor Milton said, “Nikola immediately gets decades of supplier and manufacturing knowledge, validated and tested production-ready EV propulsion, world-class engineering, and investor confidence.”