General Motors Co. shares rose to a more than six-month high after it took a $2 billion equity stake in startup Nikola Corp. and agreed to manufacture a new electric-pickup model.
In a bid to diversify the Detroit-based automaker’s alternate-fuel vehicle strategy, GM will contribute technology and manufacturing in exchange for an 11% stake in Nikola and board seat, according to a statement Tuesday. GM is not committing any cash to the deal.
