GM cancels investment in Nikola

By Russ Wiles | Arizona Republic 

General Motors has canceled a planned $2 billion investment in Phoenix-based Nikola Motors and the Detroit car giant won’t help develop the electric-vehicle company’s Badger pickup truck as planned, Nikola said Monday.

Instead, the two companies signed a new memorandum of understanding that calls for the use of GM hydrogen fuel-cell technology in in Nikola’s medium- and long-haul big rigs, according to the companies.

The new arrangement significantly scales back an earlier, more expansive relationship between the companies announced earlier this year that included the direct GM investment in Nikola.

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