General Motors will no longer have a stake in Nikola Corp. take. or build its pickup under a revised contract that allows GM to continue to be a key technology supplier for Nikola’s planned line of heavy electric and fuel cell trucks.
Driving the News: Monday’s revised agreement is smaller than a draft partnership launched in September that included a $ 2 billion stake in the startup and an agreement to build the Badger Pickup.
Why It Matters: The future of the deal has been uncertain since Nikola was hit by allegations that the late founder and CEO Trevor Milton made misleading or inaccurate statements.
Where it says: In addition to the elimination of plans for the stake, the stripped down deal no longer includes GM building the pickup, and Nikola said it will refund customer deposits it took on the vehicle.
What they say: « GM’s signing as a partner is a positive but ultimately not a stake in Nikola, and the billions of R&D that may be off the table now are a major negative blow to the Nikola story. « Dan Ives, an analyst at Wedbush Securities, said in a note.
At least eight Republican and Democratic senators have formed an informal working group aimed at securing new coronavirus issues during the Lame Duck meeting. This is endorsed by President-elect Biden, two sources familiar with the group say Axios.
Why It Matters: It may be the most significant bipartisan move toward COVID relief in months.
Ajit Pai will retire as Chairman of the Federal Communications Commission on Jan.. Lay down January. 20, said the agency today.
Why It Matters: Pai’s Inauguration Day is in line with the agency’s tradition and could establish the Biden administration with a 2-1 Democratic majority at the FCC if the Senate does not receive another during the lame duck phase Trump candidate confirmed.
Americans saw more political ads on Facebook in the week leading up to the 2020 elections than the previous week, despite the fact that the company didn’t receive any new political ads during that period, according to Global Witness, a human rights group advocating technical regulation begins.
Why It Matters: The presidential election was a major stress test for Facebook and other leading online platforms to prove they can contain misinformation. Critics claim measures like the ad failure hardly made a dent.
Nikola Corporation, General Motors, Stock, Electric Vehicle
EbeneMagazine – US – GM will no longer acquire a stake in Nikola or build its pickup truck