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September 8, 2020 06:05 pm GMT

General Motors to build Badger electric truck after investing $2 billion in Nikola

General Motors to build Badger electric truck after investing $2 billion in Nikola

General Motors and Nikola Corp. have today announced they are combining forces, with GM investing $2 billion in Nikola in return for a number of "in-kind contributions."

Nikola is an American company focused on zero-emission vehicles, and this deal sees the future of its forthcoming Badger electric pickup placed firmly in the hands of GM. The investment not only secures GM an 11 percent stake in Nikola, it sees the company take on all engineering and build work for the Badger, in both its battery and hydrogen fuel cell forms. The Badger is expected to enter production by year-end 2022.

By doing this deal, Nikola expects to save $4 billion in battery and powertrain costs over the next 10 years, while also saving $1 billion in engineering and validation costs. GM in return expects over $4 billion in benefits spread across equity value, contract manufacturing of the Badger, supply of batteries and fuel cells, and electric vehicle credits. Read more...

More about General Motors, Electric Vehicles, Pickup Truck, Nikola, and Tech

Original Link: http://feeds.mashable.com/~r/mashable/tech/~3/IcpQDuK8S2k/

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