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Electric-Truck Startup Nikola Says Talks With GM Ongoing

Company, founder subpoened by Justice Department in September
EV manufacturer posts narrower-than-expected quarterly loss

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By Edward Ludlow and David Welch

November 9, 2020 at 9:24 PM UTC

Updated on

November 10, 2020 at 2:33 AM UTC

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Nikola Corp. said talks with prospective partner General Motors Co. are ongoing as the electric-truck startup struggles to assure investors that its business model remains viable amid federal regulatory probes.

The two companies are discussing a strategic partnership announced in September, which would give GM an 11% stake in Nikola in exchange for providing its battery and hydrogen-fuel cell technology and manufacturing Nikola’s debut pickup truck.