Investing.com — Nikola, a startup in the field of electric cars, has announced that it has signed a memorandum of cooperation with General Motors. According to it, the parties will work together to integrate Hydrotec fuel cells into vehicles..
Into a memo that is still «needs some work», did not include the previously announced provisions on GM's purchase of a stake in Nikola, as well as on the joint development of the Nikola Badger electric pickup. The companies are also set to discuss the use of GM's Ultium battery in Nikola trucks..
After the news broke, Nikola shares first rallied and then plunged nearly 25% before the close. Analysts explained in a comment to the Financial Times that the rise and subsequent decline could be due to the fact that not all investors had time to read the full text of the press release about Nikola's cooperation with GM..
The text was prepared by Yana Shebalina
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