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Nikola Founder Resigned Amid Allegations

21Sep By AdityaNo Comments

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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

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...

Nikola Receives 2,500 Electric Waste Truck Orders From Republic Services

Order includes 2,500 electrified chassis, with the option to increase the order up to 5,000 unitsLargest single order in the waste industry and signals Republic Services' commitment to zero-emission vehiclesOn-road testing likely to begin in early 2022, with full production shortly afterThe truck chassis and body will be provided directly to Republic Services from the Nikola factoryThe electric platform is expected to offer up to 150 miles and 1,200 cans on a single chargeZero-emission trucks expected to outperform diesel or natural gas options in horsepower and torqueWill result in a much quieter and emission-free refuse collection experience PHOENIX, Aug. 10, 2020 -- Nikola Motor announces a minimum order of 2,500 electrified refuse trucks from Republic Services, expandable up to 5,00...