General Motors Co said on Tuesday it was acquiring an 11% stake in U.S. electric truck maker Nikola Corp , worth about $2 billion, and will team up with the nascent company to make a pick-up truck powered by a battery-electric system and or fuel cell variants.
The GM logo is pictured at the General Motors Assembly Plant in Ramos Arizpe, state of Coahuila, Mexico October 7, 2019. REUTERS/Daniel Becerril
Shares of Nikola, which competes with Tesla Inc’s Cybertruck, soared more than 30% to $46.30 in pre-market trade. As a manufacturing partner, the No.1 U.S. automaker said it will build the Nikola Badger with either an electric battery or fuel cell electric variants. Production is expected by year-end 2022, and will have lower costs across other models.
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