(Phoenix / USA) – The two American car manufacturers Nikola Corporation and General Motors have signed a memorandum of understanding (MoU). According to the information, this is an agreement to supply the GM “Hydrotec” fuel cell system for Nikola trucks. However, the collaboration is still subject to a “final” agreement that is acceptable to both parties, it is said.
If this comes about, Nikola will install Hydrotec technology in zero-emission medium and long-haul trucks. The company expects to test prototypes of fuel cell trucks ready for series production at the end of 2021. Tests for the beta phase will therefore start in the first half of 2022.
From Badger dream team to nightmare
In February of this year, Nikola announced the development of the electrically powered SUV “Badger”, which would later also be available as a hydrogen variant. From June onwards, customers could pre-order the car and confirm their interest with a deposit (we reported).
At the beginning of September, the companies agreed that General Motors would buy an eleven percent stake in Nikola for two billion dollars. The Detroit company was supposed to become an exclusive supplier of fuel cells. On the other hand, GM should have completely developed and produced the Badger.
“Nikola is one of the most innovative companies in the world. General Motors is one of the leading engineering and manufacturing companies in the world. “You could hardly dream of a better partnership,” said Nikola founder and board member Trevor Milton at the time. There were also flowery words from GM, with CEO Mary Barra proclaiming a “zero-emissions future.”
Two days later, the analyst firm Hindenburg Research took the stage. It made serious allegations and accused Milton of fraud. The company provided false information about the company's situation and technical progress and misled customers and shareholders. Of 53 questions asked in writing, Nikola only answered ten, which is documented in a report.
Nikola rejected all allegations the next day and in turn accused Hindenburg Research of dishonest intentions: The company had carried out short sales on the stock market, the allegations were only intended to drive Nikola's securities into the basement and thus ensure Hindenburg high profits. The incident brought the Securities and Exchange Commission (SEC) and the US Department of Justice into action. On September 20, Trevor Milton resigned from his post. New York law firm partner and former General Motors executive Stephen Girsky has been named chairman of Nikola.
How it goes on
The declaration of intent now announced replaces the partnership between Nikola and GM announced on September 8, 2020, according to the most recent announcement. The previously agreed development and production of the Badger by GM as well as the investment in Nikola appears to be off the table. GM is downgraded from developer to supplier - and also expects Nikola to pay upfront for investment in production capacity. “The Badger program was dependent on a partnership,” Nikola explains. The company wants to refund all deposits already received for the E and H2 SUV.
The long-announced roadshow on December 3rd in Arizona (“Nikola World 2020”) to introduce the vehicle had already been canceled at the end of September – “due to COVID-19 audience size restrictions,” as it was officially said. While many other such cancellations this year also presented a new schedule, Nikola left it open whether such an event would take place again.
deep link
https://nikolamotor.com/press_releases/nikola-signs-mou-with-general-motors-105
Photos
This is what the Badger could have looked like / © Nikola Motors
