Nikola and GM team up to make this 900-horsepower super electric truck

Nikola (NKLA) and GM (GM) are teaming up to take on Tesla’s cybertruck.

The electric truck startup announced Tuesday it has selected GM to be its manufacturing parter for its electric pickup truck dubbed the Badger.

The Badger will use GM’s widely acclaimed Ultium battery technology. Additionally, Nikola will hand over £2 billion in stock to GM — giving the automaker an 11% stake in the company.

Shares of Nikola and GM rose 40% and 8%, respectively on the tie-up.

“General Motors was the perfect fit,” Nikola founder executive chairman and CEO Trevor Milton told Yahoo Finance’s The First Trade.

Brian Sozzi is an editor-at-large and co-anchor of The First Trade at Yahoo Finance.

Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.

Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, SmartNews, LinkedIn, YouTube, and reddit.

BerkshireEnglandReference Library

Tags:

You may also like...