Nikola

General Motors signed a non-binding memorandum of understanding with Nikola Corporation for a global supply agreement to provide GM's Hydrotec fuel cell system for Nikola's Class 7/8 semi-trucks. The MoU replaces the previous transaction announced on September 8, 2020.

Nikola Corporation broke ground on a 1 million-square-foot manufacturing facility in Coolidge, Arizona. The facility is expected to generate over 1,800 new jobs and result in approximately $600 million in capital expenditures, with capacity to produce 35,000 Class 8 trucks annually.

Nikola Corporation, a developer of zero-emission heavy-duty trucks, will merge with VectoIQ Acquisition Corp. The deal values the combined company at $3.3 billion and includes a $525 million PIPE investment.

IVECO and FPT Industrial (brands of CNH Industrial) and Nikola presented the scope of their joint venture and collaboration agreement to develop and distribute fuel-cell and battery-electric heavy-duty trucks in Europe and North America. The first truck will be the battery electric Nikola TRE.