GM, Nikola announce reworked, smaller deal focused on fuel-cell supply deal
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DETROIT, Nov 30 (Reuters) - General Motors Co and Nikola Corp on Monday announced a reworked, smaller agreement that keeps the fuel-cell partnership intact but eliminates an equity stake in the startup for the Detroit automaker as well as plans for building Nikola's electric pickup truck.
In September, the companies announced a deal under which GM would supply batteries, a chassis architecture, fuel cell systems and a factory to build the startup's proposed Badger electric pickup in return for an 11% stake and $700 million. However, the deal came into question after a short seller attacked Nikola as a fraud, something the company denied.
(Reporting by Ben Klayman, editing by Louise Heavens)
