General Motors and Nikola, a high-profile start-up looking to manufacture electric trucks, announced Monday that they had reached an agreement to work only on hydrogen fuel cells, replacing a broader alliance they originally outlined in September had.
The new agreement provides that G.M. Selling fuel cell technology to Nikola. Gone are the provisions for G.M. a $ 2 billion stake in Nikola and G.M. produce an electric pickup truck for the Phoenix-based company. Nikola said there were no plans to produce this pickup, the Badger, anymore.
The September announcement had boosted Nikola’s stock and investor confidence in the start-up’s ambitious plans to develop heavy trucks powered by hydrogen fuel cells and a national gas station network.
Just days after the partnership was announced on September 8, a small investment firm released a report claiming that Nikola and its chairman, Trevor Milton, had grossly overstated the technology the company was developing. Later that month, Mr. Milton resigned.
Nikola shares fell by around 20 percent in premarket trading on Monday.
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