- GM and Nikola announced a new deal this week, with GM no longer taking an equity stake and the collaboration to build an all-electric pickup truck dropped.
- GM will now supply Nikola with fuel-cell technology to power semi-trucks.
- The original partnership hit the rocks when Nikola founder Trevor Milton stepped aside amid fraud claims.
- Nikola has rocketed to an elevated stock-market valuation after a June IPO, but it’s now fallen back to Earth.
- The new GM-Nikola deal actually looks good for both companies, although it lacks the ambition and sweep of the earlier arrangement.
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When General Motors and Nikola announced this week that they had scaled back a flashy strategic partnership they announced in September, it became hard not to see the resulting agreement as the deal they should have struck in the first place.
The original deal had GM taking a $2