Shares of Nikola plunged 24%.
Nikola on Monday released updated terms between the companies for a supply agreement related to GM’s fuel-cell system, replacing an agreement signed in September. That deal would have given GM an 11% stake in Nikola.
The early agreement would also have allowed Nikola to use GM’s new battery electric truck underpinnings for its electric and hydrogen-powered pickup called the Badger, and its fuel cell and battery technology as well. That is no longer part of the agreement, essentially gutting Nikola’s plans for the Badger.
Nikola said that it will begin refunding deposits made by customers who wanted first dibs on that pickup.
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