Info
Info

Nikola and General Motors form strategic partnership

News

Nikola Corporation and General Motors Co. announced a strategic partnership that begins with the Nikola Badger and carries cost reductions through Nikola’s programmes, including: Nikola Badger, Nikola Tre, Nikola One, Nikola Two and NZT.

Info

As part of the agreement, Nikola will utilise General Motors' Ultium battery system and Hydrotec fuel cell technology, representing a key commercialisation milestone for General Motors.

Nikola will exchange $2 billion in newly issued common stock for the in-kind services and access to General Motors' global safety-tested and validated parts and components. General Motors will be subject to a staged lock-up provision beginning in one year and ending in June 2025. General Motors will engineer, homologate, validate and manufacture the Nikola Badger battery electric and fuel cell versions.

“Nikola is one of the most innovative companies in the world. General Motors is one of the top engineering and manufacturing companies in the world. You couldn't dream of a better partnership than this,” said Nikola Founder and Executive Chairman Trevor Milton. “By joining together, we get access to their validated parts for all of our programs, General Motors' Ultium battery technology and a multi-billion dollar fuel cell program ready for production.”

“Nikola immediately gets decades of supplier and manufacturing knowledge, validated and tested production-ready EV propulsion, world-class engineering and investor confidence. Most importantly, General Motors has a vested interest to see Nikola succeed. We made three promises to our stakeholders and have now fulfilled two out of three promises ahead of schedule. What an exciting announcement,” Milton added.

“This strategic partnership with Nikola, an industry leading disrupter, continues the broader deployment of General Motors' all-new Ultium battery and Hydrotec fuel cell systems,” said General Motors Chairman and CEO Mary Barra. “We are growing our presence in multiple high-volume EV segments while building scale to lower battery and fuel cell costs and increase profitability. In addition, applying General Motors' electrified technology solutions to the heavy-duty class of commercial vehicles is another important step in fulfilling our vision of a zero-emissions future.”

The agreement with Nikola extends General Motors' utilisation of its fuel cell technology to the Class 7/8 semi-truck market and represents a high-volume commercialisation of its leading Hydrotec fuel cell system and complements the company's battery-electric propulsion. Fuel cells will become increasingly important to the semi-truck market because they are more efficient than gas or diesel. General Motors sees additional growth opportunities in multiple transportation, stationary and mobile-power end markets.

General Motors' battery development work is ongoing. Its Ultium battery technology roadmap includes silicon anodes and lithium metal anodes, which will improve vehicle range, affordability, and reduced dependence on rare and costly metals. It is already demonstrating automotive-grade durability and significantly higher energy density.

Nikola will be responsible for the sales and marketing for the Badger and will retain the Nikola Badger brand. The Badger was first announced on Feb. 10, 2020 and will make its public debut Dec. 3-5, at Nikola World 2020 in Arizona. Badger production is expected to start in late 2022 at a location to be announced at a later date. Nikola has also started $100 Badger pre-order reservations for the Badger.

Nikola remains an independent company. The investment is subject to customary antitrust regulatory approval and closing conditions. The parties anticipate closing the transaction prior to Sept. 30, 2020.


The Latest News, Brought To You By
Nikola and General Motors form strategic partnership
Modified on Tuesday 8th September 2020
Find all articles related to:
Nikola and General Motors form strategic partnership
TaaS Technology Magazine
Info
GM’s All-electric Future To Be Powered By Ultium Drive Units
Kia Motors Launches ‘KiaMobility’ To Diversify Mobility Services
Trevor Milton Steps Down As Executive Chairman Of Nikola
BMW Group Plant Leipzig To Start Battery Module Production In 2021
Fisker Inc. To Establish New Technology Centre In San Francisco
SK Innovation Steps Up Hiring At Its First US Based EV Battery Site
The New Volkswagen ID.4 Debuts
ŠKODA Partners With Czech Transport Operator To Reimagine How We Travel Across Cities
Punch Powertrain And Groupe PSA’s JV Begins Operations
South Lanarkshire Council Takes Delivery Of 141 All-electric New Renault ZOEs
Mercedes-Benz Wörth Plant To Start Series Production Of The EActros In 2021
The Mercedes-Benz EQV: Electric, Versatile, Intelligent
Hyundai Envisions Future Of Mobility Experience With IONIQ Concept Cabin
Porsche Deploys High-power Charging Trucks As Mobile Power Source For The Taycan
StreetDrone Unlocks Autonomous Vehicles With Ground-breaking Subscription Service
Hyundai Motor To Accelerate Urban Air Mobility Test Flights
Ford Reveals Mustang Mach-E GT For Europe
Self-driving Taxi Concept Wins ‘New Designers’ Ford Award
Volkswagen And Uber Launch Pilot Project With EVs In Berlin
Electrify America And Volkswagen To Provide Unlimited Charging Plan For Owners Of The Upcoming ID.4 Electric SUV
Volta Trucks To Appoint New Chairman And Board Member
Inmotive Introduces New Efficient Two-speed Transmission For EVs
Eaton’s Twin Vortices Series Helps Hydrogen Fuel Cell Modules Operate At Peak Efficiency
Daimler Trucks Presents Technology Strategy For Electrification Along With Fuel-cell Concept Truck
Info
Info
×
Search the news archive

To close this popup you can press escape or click the close icon.
Logo
×
Logo
×
Register - Step 1

You may choose to subscribe to the TaaS Magazine, the TaaS Newsletter, or both. You may also request additional information if required, before submitting your application.


Please subscribe me to:

 

You chose the industry type of "Other"

Please enter the industry that you work in:
Please enter the industry that you work in:
 
X
Info
X
Info
{taasPodcastNotification}