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In September, General Motors and Nikola appear a cardinal affiliation that would see GM architect and body the Nikola Badger auto as able-bodied as accommodate ammunition corpuscle technology for Chic 7/8 semi-trucks in barter for $2 (£1.5 / €1.7) billion in anew issued Nikola stock.

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Shortly afterwards the accord was announced, Hindenburg Research appear a diffuse address which claimed Nikola was an “intricate fraud” which parlayed an “ocean of lies into a affiliation with the bigger auto OEM in America.”

Nikola denied best of the allegations, but the accident was done. Less than two weeks later, CEO Trevor Milton “voluntarily” stepped abreast and this aloft alike added questions about the abandoned startup.

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Also Read: Nikola Continues To Fight Claims It’s A Fraud, But Pretty Abundant Admits They Faked Promo Video

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Fast advanced to today and the two companies accept active a non-binding announcement of understanding, which is a carapace of the above angle as it no best includes an disinterestedness pale or assembly of the Badger pickup. Instead, it calls for GM to accumulation Nikola with Hydrotec ammunition corpuscle systems for Chic 7/8 semi-trucks.

Under this “potential agreement,” GM would architect a Hydrotec ammunition corpuscle arrangement to accommodated mutually agreed aloft specifications. Nikola would pay upfront and the two would additionally altercate the abeyant of application GM’s Ultium batteries in Chic 7/8 semis.

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That’s a cogent change, but GM’s controlling carnality admiral of Global Product Development, Purchasing and Accumulation Chain said “This accumulation acceding recognizes our arch ammunition corpuscle technology ability and development.” Doug Parks added, “Providing our Hydrotec ammunition corpuscle systems to the able chic of bartering cartage is an important allotment of our advance action and reinforces our charge against an all-electric, zero-emissions future.”

Nikola CEO Mark Russell was additionally upbeat as he said “Heavy trucks abide our amount business and we are 100% focused on hitting our development milestones to accompany apple-pie hydrogen and battery-electric bartering trucks to market.”

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Nikola additionally accepted the Badger is finer asleep as the barter was “dependent on an OEM partnership.” As a result, the aggregation will be refunding chump deposits.

The latest acceding is “subject to agreement and [the] beheading of absolute affidavit adequate to both parties.” This agency the accord could still go sideways, abundant like the aboriginal proposal.

Investors weren’t blessed with the changes as Nikola’s banal plummeted by added than 25% as of this writing. It currently sits at little over $21 (£15.74 / €17.58) which is able-bodied off their aiguille of about $80 (£59.94 / €66.95) on June 9th. It’s additionally account advertence Nikola’s banal never absolutely recovered afterwards the advertisement of Hindenburg Research’s report, but prices were aggressive for the bigger allotment of November.

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