GM to make electric vehicle, supply batteries for Nikola

GM to make electric vehicle, supply batteries for Nikola

General Motors drove further into the world of electric vehicles, announcing a manufacturing partnership Tuesday with electric truck company Nikola in the latest cost-sharing venture. GM will "engineer, validate, homologate, and build the Nikola Badger" electric and fuel cell pickup. Its recently introduced Badger pickup truck is expected to be unveiled in early December.

In exchange, GM will get a $2 billion worth of Nikola's newly-issued common stock. GM shares also advanced solidly on a down day for Wall Street.

Also in the EV industry, Tesla shares are down after news that stock would not be included in the S&P 500.

The tie-up is expected to save Nikola more than $5bn (£3.8bn) over the next 10 years in battery, powertrain, engineering and validation costs, plus afford cost reductions in the production of the One, Two, Tre and NZT.

The companies said that the first vehicle to result from the deal would begin with the Nikola Badger, a pickup created to be produced in both electric and fuel cell versions, entering production in 2022.

Nikola's not alone in targeting pickup buyers with a more-sustainable option.

It's the second major partnership announced by GM this month as it lines up companies to share in the costs of developing electric and autonomous vehicle technology.

Rhea Chakraborty ADMITS to taking drugs with Sushant Singh Rajput | Inside details
The officials then asked her were you aware that Sushant is taking treatment from a psychiatrist to which she said "yes I knew". The mystery revolving around Sushant Singh Rajput gets deeper as more and more revelations are cropping up in the case.

The company, which has drawn comparisons to electric auto company Tesla, has broken ground on a manufacturing facility in Arizona, in addition to a facility still under construction in Germany. Nikola immediately gets decades of supplier and manufacturing knowledge, validated and tested production-ready EV propulsion, world-class engineering, and investor confidence.

Nikola Motor has reached an agreement with General Motors that will see the legacy automaker produce its first pickup truck, the Badger.

"We are growing our presence in multiple high-volume EV segments while building scale to lower battery and fuel cell costs and increase profitability", CEO Barra said. Both firms invested $85 million (£65.2m) to develop advanced hydrogen fuel cell powertrains for use in their future models in 2017.

The Nikola announcement comes on the heels of GM's announcement last week that it is deepening its collaboration with Japanese automaker Honda to share vehicle platforms and development costs.

GM also will get supply contracts for batteries and fuel cells and electric vehicle regulatory credits that can be used by GM to comply with fuel economy and pollution standards, or sold to other companies. The well-established automaker expects to receive more than US$4 billion in perks from the deal. It will use GM's widely acclaimed Ultium battery technology. "Higher volume theoretically means lower cost, and the premium cost has been an obstacle to EV adoption in the USA".

In a surprise announcement, the S&P Dow Jones Indices made a decision to add online craft seller Etsy Inc ETSY.O , semiconductor equipment maker Teradyne Inc TER.O and pharmaceutical technology company Catalent Inc CTLT.N to the S&P 500 instead.

Related Articles

  • CEO of Largest Israel Bank Heading Delegation to UAE

    CEO of Largest Israel Bank Heading Delegation to UAE

    The ceremony will come just a month after the agreement to establish full diplomatic relations was announced on August 13. United States President Donald Trump and Saudi King Salman bin Abdulaziz Al Saud respectively (PHOTO/Courtesy).
    Laude family condemns pardon granted to Pemberton

    Laude family condemns pardon granted to Pemberton

    The pair met at a bar in Olongapo City in October 2014, shortly after the Marines arrived for joint military exercises. In 2014, Pemberton was sentenced to 6-10 years in prison after murdering a woman called Jennifer Laude .
    Quixplained: As Delhi Metro restarts, a look at the new guidelines

    Quixplained: As Delhi Metro restarts, a look at the new guidelines

    Passengers travel by Delhi Metro at Huda Metro Station, Gurugram, as the services resumed under Unlock 4.0 on Monday. On day one, mostly office-goers boarded the sanitised train coaches of the rapid transit system.
  • Roberts appointed as acting team principal with Williams

    Roberts appointed as acting team principal with Williams

    Williams are the third most successful constructor in the sport's history, behind only Ferrari and McLaren. Williams and his daughter Claire, the deputy team principal, are stepping down.
    Apple seeks damages from Epic Games over 'Fortnite' contract breach

    Apple seeks damages from Epic Games over 'Fortnite' contract breach

    Epic also continues to claim that Apple's banning decision has already suffered irreparable damage. Furthermore , Epic states that 63% of Fortnite players exclusively play the game through iOS.
    LG confirms upcoming smartphone named as Wing

    LG confirms upcoming smartphone named as Wing

    According to available data, the main screen of the novelty has a diagonal of 6.8 inches, and the additional screen is 4 inches. According to the report of the Korea Herald , the LG Wing is expected to be priced at $1,260 ( roughly Rs. 92,138).
  • Jelly Belly Founder Offers Wonka-Like Treasure Hunt, Candy Factory Prize

    Jelly Belly Founder Offers Wonka-Like Treasure Hunt, Candy Factory Prize

    Everyone who signs up for the treasure hunt gets a 40-piece SpectrumConfections.com CBD 10mg Jelly Bean pack at no extra cost. The gold ticket will be a golden-colored dog tag on a necklace, with a code you can enter to verify that you found it.
    Province reports 21 new cases of COVID-19 in Ottawa on Sunday

    Province reports 21 new cases of COVID-19 in Ottawa on Sunday

    Locally, 29 of Ontario's 34 public health units are reporting five or fewer cases, with 20 of them reporting no new cases. OPH said that there are 200 active cases in the region, with more than 84 per cent of the cases resolved.
    Gasly wins astonishing Italian Grand Prix

    Gasly wins astonishing Italian Grand Prix

    It meant there was an Italian team victory at the Italian Grand Prix - just not the famous one in red that everybody would expect. An unlikely podium was completed with McLaren's Carlos Sainz in second and Racing Point driver Lance Stroll in third.
  • China Delays Credentials for Journalists With US Media Outlets

    China Delays Credentials for Journalists With US Media Outlets

    Visas allowing foreign journalists to live in China are linked to their press credentials. The US embassy in Beijing did not immediately respond to AFP's request for comment.

    MI residents urged to get flu shots

    Six children in MI died from influenza during the 2019-20 flu season as well as 187 children in the United States. She said getting a flu shot will be more important than ever before during the pandemic.
    Donald Trump asks 'muffled' reporter to remove face mask

    Donald Trump asks 'muffled' reporter to remove face mask

    Donald Trump on the other hand seems to be on and off with the real matter of the discussions taking place in the conference. It isn't the first time Trump found himself the target of criticism over masks during the coronavirus pandemic.