General Motors ditched its plans to acquire an equity stake in troubled electric truck startup Nikola. GM will also no longer help engineer and manufacture Nikola’s battery-electric and hydrogen fuel cell vehicles, including the Badger pickup truck.
It won’t come as a total shock to anyone who’s been following Nikola over the last several months. Less than a week after GM announced its plan to acquire an 11 percent stake in the buzzy company, short-selling firm Hindenburg Research published a bombshell report accusing Nikola of fraud in showcasing its electric vehicle technology. Nikola founder Trevor Milton stepped down as board chairman on September 21st in the wake of the report.
On Monday,...
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