Article

2020-09-10 Economy

'Couldn't dream of a better partnership': GM set to produce electric trucks by Tesla competitor

[Wash Examiner] As Tesla struggles to maintain a rising stock price during the morning trading session on Tuesday, General Motors was busy inking a deal with one of its competitors.

Nikola Motor Company, the maker of an electric truck that is expected to compete with Tesla's Cybertruck, announced it is teaming up with General Motors in a deal that will send 11% equity to the Detroit manufacturer.

"Nikola is one of the most innovative companies in the world. General Motors is one of the top engineering and manufacturing companies in the world. You couldn’t dream of a better partnership than this," Nikola founder and executive chairman Trevor Milton said in a statement. "Nikola immediately gets decades of supplier and manufacturing knowledge, validated and tested production-ready EV propulsion, world-class engineering and investor confidence. Most importantly, General Motors has a vested interest to see Nikola succeed. We made three promises to our stakeholders and have now fulfilled two out of three promises ahead of schedule. What an exciting announcement."

Renderings of Nikola's first truck, the Badger, have been widely circulated on social media and is expected to begin production in 2022. The truck will use both fuel and hydrogen battery cells and is expected to have a 600-mile range and 906 horsepower.

As part of the partnership, Nikola agreed to hand over $2 billion in stock to GM.

Posted by Besoeker 2020-09-10 06:35|| || Front Page|| [8 views ] Top

#1 Setting in motion the next massive gov't bail out ?

Posted by Besoeker 2020-09-10 06:39|| 2020-09-10 06:39|| Front Page Top

#2 Bill Gates doubts Tesla's investment in battery-powered semi trucks

Join Bill Gates in Buying CSX

Posted by Skidmark 2020-09-10 08:51|| 2020-09-10 08:51|| Front Page Top

#3 I would give CSX a buy, if you had a few dollars to invest in the market.

Posted by Besoeker 2020-09-10 09:01|| 2020-09-10 09:01|| Front Page Top

#4 Besoeker I am working for CSX as a contractor and I wouldn't.

Posted by Deacon Blues 2020-09-10 09:11|| 2020-09-10 09:11|| Front Page Top

#5 Biggest side effect of COVID is people buying less stuff. Freight handlers hardest hit.

Posted by M. Murcek 2020-09-10 09:16|| 2020-09-10 09:16|| Front Page Top

#6 Interesting at #4. Contracting is a rough game, about as close to prostitution as one can get and still keep your shorts on (if you're not the prime contractor, your stuff is very week). I had over 10 years of it, in and out of the country. Out of the country, usually better, but no guarantee. Thanks for sharing DB.

Posted by Besoeker 2020-09-10 09:23|| 2020-09-10 09:23|| Front Page Top

#7 Besoeker I get my information from actual employees. I am not in contact with CSX management. I do see first hand mismanagement. If you wish to discuss further rnorthinatgemaildotcom

Posted by Deacon Blues 2020-09-10 13:14|| 2020-09-10 13:14|| Front Page Top

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