GM, Nikola announce reworked agreement; Nikola shares tumble 24%

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By Ben Klayman
DETROIT (Reuters) - General Motors Co and Nikola Corp on Monday announced a reworked agreement on a fuel-cell partnership that eliminates an equity stake in the startup for the Detroit automaker as well as plans for building Nikola's electric pickup truck, sending Nikola shares tumbling more than 24%.
In September, the companies announced a deal under which GM would supply batteries, a chassis architecture, fuel cell systems and a factory to build Nikola's proposed Badger electric pickup in return for an 11% stake and $700 million.
But the deal came into question after a short seller criticised Nikola as a fraud, something Nikola has denied.
The new agreement, a non-binding memorandum of understanding that doesn't expire until the end of 2021, is subject to negotiation and ...


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