Nikola Motors Pulls the Plug on Electric-Hydrogen Pickup Truck
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It's been a rocky few months for automotive company Nikola Motors. In September, the Verge reported that the company had managed to get a deal signed with General Motors (GM) based on "lies and deceptions." Hindenburg Research uncovered the information, which led to Nikola Motors' CEO to step down.
Now, on November 30, Nikola Motors reported that it won't be going ahead with its planned deal with GM to produce the electric-hydrogen pickup truck, the Badger.
Moreover, GM won't be taking a stake in the automotive company any longer, said Futurism.
SEE ALSO: GENERAL MOTORS IS JOINING FORCES WITH TESLA COMPETITOR NIKOLA
It looks like Tesla won't have such a strong competitor after all.
Following the news of the scrapped Badger and GM plans, Nikola Motors' shares went down by 25%, reported TechCrunch.
Nikola Motors typically focuses on hybrid hydrogen-electric semi trucks, but it had announced in February that it would branch out and create the Badger. Reservations started in June, as Futurism mentions, but the deposits for these will all be reimbursed as the plans are scrapped, posted Nikola Motors.
GM scraps plan to buy stake in Nikola and build its electric pickup https://t.co/MwXzcNblh3 pic.twitter.com/JTqExUHJjC
— Fredrik Rengren (@Rengren) December 1, 2020
Even though all of this news doesn't appear to bode well for Nikola Motors, GM will remain on board to help keep them on track with their semi truck fuel cell advancements, the Verge reports.
Nikola Motors announced that they will, "work together to integrate GM’s Hydrotec fuel-cell technology into Nikola’s Class 7 and Class 8 zero-emission semi-trucks for the medium- and long-haul trucking sectors."
In keeping true to their original plans, the announcement continued by stating "Heavy trucks remain our core business and we are 100 percent focused on hitting our development milestones to bring clean hydrogen and battery-electric commercial trucks to market," explained Mark Russell, Nikola Motors' latest CEO.
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