The competitor of the American electric car manufacturer Tesla, Nikola, is on the verge of collapse. The reason was the refusal of General Motors (GM) from a share in the company after accusations against a startup in deceiving partners and investors. As a result, the company’s shares on Monday, November 30, fell by more than 20 percent, indicate a > Nasdaq exchange data.
GM originally planned to supply electric batteries and fuel cells for Nikola trucks, including the Badger electric pickup. In exchange, she would receive an 11 percent stake in the company, worth $ 2 billion, as well as a seat on the board of directors. However, after the Nikola scandal, General Motors revised its strategy, writes Bloomberg . The parties have now signed a non-binding memorandum that GM will only provide fuel cells for Nikola commercial trucks.
In September 2020, Hindenburg Research, one of the startup shareholders, released an investigation according to which the founder of Nikola Trevor Milton misled clients, partners and investors. The company found that in 2018 Nikola, in a commercial featuring a hydrogen-powered truck, actually rolled it down a hill. Hindenburg Research also claims that Nikola’s patented technology was acquired from another company. The accusations resulted in Milton being forced to leave a > resign.