https://www.foxbusiness.com/lifestyle/general-motors-to-build-nikola-badger-electric-pickupBy Gary GasteluFOXBusiness
General Motors will manufacture an electric pickup designed by Arizona-based startup Nikola Motors, the companies announced Tuesday.
The Nikola Badger is a full-size pickup with electric drive that will be offered with both battery power and hydrogen fuel cell power.
Nikola will exchange $2 billion in newly issued common stock, worth 11 percent of the company, for in-kind services and access to General Motors’ global safety-tested and validated parts and components, the companies said in a press release.
Ticker Security Last Change Change %
NKLA NIKOLA CORPORATION 35.55 -0.58 -1.61%
GM GENERAL MOTORS COMPANY 30.00 +0.52 +1.76%
“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,” GM Chairman and CEO Mary Barra said. “We are growing our presence in multiple high-volume EV segments while building scale to lower battery and fuel cell costs and increase profitability.
The Badger will incorporate both GM's new Ultium battery and Hydrotec fuel cell technology, the latter of which has been tested by the U.S. Army in the Colorado ZH2 prototype truck. GM will also be the exclusive supplier of fuel cells for Nikola's class 7/8 commercial trucks outside of Europe.
General Motors is set to introduce an all-electric GMC HUMMER EV pickup with Ultium batteries in late 2021 and expects Badger production to begin by the end of 2022.
This is a developing story, check back for updates.
