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Nikola Founder Resigned Amid Allegations

21Sep By AdityaNo Comments

News

Nikola Founder Resigned Amid Allegations

FRANKFURT, Germany (AP)— Shares in electric and hydrogen-powered truck startup Nikola plunged on Monday after the company's founder resigned amid allegations of fraud - just two weeks after signing a $2 billion partnership with General Motors. The company said late Sunday that Trevor Milton resigned and the departing executive chairman said he would defend himself against accusations that the company made false claims about its vehicles, allegations Nikola rejects. Milton said in a message to Nikola employees that he was stepping aside because “the focus should be on the company and its world-changing mission, not me.” Shares in the company based in Phoenix, Arizona, were off 30% in premarket trading. A report from Hindenburg Research from Sept. 10 said the company's success was “...

General Motors Acquire $2 billion equity stake in Nikola

9Sep By NitishNo Comments

ACQUISITION

General Motors Acquire $2 billion equity stake in Nikola

PHOENIX/DETROIT, Sept. 09, 2020 — Nikola Corporation (NASDAQ: NKLA) and General Motors Co. (NYSE: GM) announced a strategic partnership, where General Motors invest $2 billion to acquire 11 percent ownership of Nikola and the right to nominate one director. Nikola will also utilize General Motors’ Ultium battery system and Hydrotec fuel cell technology, representing a key commercialization milestone for General Motors. General Motors will be subject to a staged lock-up provision beginning in one year and ending in June 2025. General Motors will engineer, homologate, validate and manufacture the Nikola Badger battery electric and fuel cell versions. “Nikola is one of the most innovative companies in the world. General Motors is one of the top engineering and manufacturing companies...

Swedish startup Volta unveils electric truck

3Sep By reutersNo Comments

Automobile

Swedish startup Volta unveils electric truck

STOCKHOLM, Sept 3, 2020: Swedish startup Volta Trucks unveiled its Volta Zero, a 16-tonne electric truck, with plans to start production in 2022 in the United Kingdom. Following the success of companies such as Tesla in popularising electric cars, electric trucks have also been getting a lot of attention from existing players such as Volvo and Daimler and startups like Rivian and Nikola. Trials will start next year with parcel delivery companies such as DPDgroup in the UK and other firms in Europe and Volta aims to put 500 vehicles on the road by 2022, CEO Rob Fowler told Reuters. "We are also well progressed with another seven or eight customers," he said. The company said the first Volta vehicle was manufactured by Prodrive in Warwick, England, and it is in discussion with a ...

11Jul By AnkitaNo Comments

FUNDING

EV Automobile Company Rivian raises $2.5B in funding

Detroit, 11th July 2020: Tesla rival electric vehicle startup Rivian raises another USD 2.5 billion in funding led by funds and accounts advised by investment firm T Rowe Price. The company has a contract with Amazon to build 100,000 electric delivery vans starting next year at its factory, a former Mitsubishi plant in Normal, Illinois. Rivian also is rolling out a pickup truck and an SUV for sale to consumers next year. The company said Friday that investors in this round include Soros Fund Management, Coatue, Fidelity Management, and Research, and Baron Capital Group. Amazon and hedge fund BlackRock have invested previously and also are part of this round, Rivian said. The new investment won't bring any more seats to the Rivian board, the company said. In April of 2019, Ford in...

How Tesla’s First Truck Charging Stations Will be Built

3Feb By reutersNo Comments

Tech

How Tesla’s First Truck Charging Stations Will be Built

Elon Musk, the chief executive of Tesla Inc, has said little about how he plans to turn his prototype electric truck into reality. But Reuters has learned that Tesla is collaborating with Anheuser-Busch, PepsiCo and United Parcel Service Inc to build on-site charging terminals at their facilities as part of the automaker’s efforts to roll out the vehicle next year. Details of the partnerships, which have not been disclosed previously, are still being hammered out, but include design and engineering from Tesla, the companies said. They declined to disclose what portion of the building costs, if any, Tesla would pay, or whether Tesla would be compensated for its work. The firms are among nine major corporations that have placed pre-orders for Tesla’s truck, dubbed the Semi. With ...

Elon Musk Promises On Twitter To Build Pick Up Trucks ‘Right After’ Model Y

27Dec By RishabhNo Comments

News

Elon Musk Promises On Twitter To Build Pick Up Trucks ‘Right After’ Model Y

It's just about a month that Tesla launched its electric semi-truck along with a surprise launch of Roadster in November, Musk took to Twitter today relying to a fan that he will soon launching a pick-up truck. I promise that we will make a pickup truck right after Model Y. Have had the core design/engineering elements in my mind for almost 5 years. Am dying to build it. — Elon Musk (@elonmusk) December 26, 2017 When a fan requested that he awaits on Tesla's pick-up truck, Musk tweeted,“I promise that we will make a pickup truck right after Model Y. Have had the core design/engineering elements in my mind for almost 5 years. Am dying to build it." When asked about the size of the pick-up truck and whether it will be comparable to Ford F150, he said,"Similar total size. M...