General Motors disclosed that they are going to invest in electric truck startup Nikola Corporation in developing and manufacturing the new models. The company also said that it will receive a stake of 11% which is valued to be around $2 billion from Nikola Corporation in exchange for the services. As per sources, the company will be providing Nikola’s trucks the electric batteries, fuel cell systems and a factory space for its Badger pickup. Nikola being the expected opponent in the market for electrified pickups, the investors started to gather shares of Nikola and General Motors as the surge of 41% and 7.9% on the respective shares was registered following the team up news.
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