General Motors announced it will be taking an 11-percent stake in Nikola on Tuesday. It even said it would be actively helping the startup produce the hydrogen/battery-powered Badger pickup, sending the firm’s already-insane share price through the roof. Nikola shares were up 30 percent before the trading day even began, with the General seeing some positive changes in its own stock. Things only improved from there for both companies as news of the partnership continued to spread.
The deal is costing GM $2 billion and allots it one board member of its choosing in exchange for its manufacturing expertise.
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