Nikola (NASDAQ:NKLA) stock has shed more than 20% at the opening of the trading day on Monday, November 30.
The reason? According to @Yustin
$NKLA— Justin (@YounggJustin) November 30, 2020
NIKOLA OFFICIALS SAY BADGER PICKUP 'PAUSED INDEFINITELY'
This is added on the previous news, which said that Nikola is not signing a long expecting deal with GM, meaning GM will not take a 11% in Nikola.
Furthermore, Nikola Corporation today announced the signing of a non-binding Memorandum of Understanding (“MOU”) with General Motors for a global supply agreement related to the integration of GM’s Hydrotec fuel-cell system into Nikola’s commercial semi-trucks. This supersedes and replaces the transaction announced on September 8, 2020.
Under the terms of the MOU, Nikola and GM will work together to integrate GM’s Hydrotec fuel-cell technology into Nikola’s Class 7 and Class 8 zero-emission semi-trucks for the medium- and long-haul trucking sectors. In addition, Nikola and GM will discuss the potential for the utilization of GM’s versatile Ultium battery system in Nikola’s Class 7 and Class 8 vehicles.