The US auto company will therefore not participate in the manufacturer of battery-electric and fuel cell-powered vehicles. As indicated in the announcement, GM will deliver its fuel cell systems to Nikola for the construction of commercial vehicles.
In September the two companies announced that they had entered into a strategic partnership under which GM would also take over 11 percent of Nikola shares and send a member to the board of directors. The first project with GM was to be an electric pickup truck called Nikola Badger. This will no longer exist, Nikola said on Monday.
Nikola manufactures battery electric and fuel cell vehicles as well as electric powertrains, vehicle components, energy storage systems and hydrogen infrastructure.
The Nikola share on the Nasdaq on Monday fell 20.15 percent to 22.23 US dollars. Meanwhile, GM shares on the NYSE lost a slight 0.12 percent to $ 44.96.
NEW YORK (Dow Jones)