Point Roberts, WA and Delta, BC - September 9, 2020 (Investorideas.com Newswire) Investorideas.com, a global news source and leading investor resource covering cleantech and renewable energy stocks issues today's edition of the Cleantech and Climate Change Podcast, talking about today's problems and solutions for the future.
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Today we are looking at the battle of the EV stocks as Nikola Corporation turns investors' heads. ( note prices are at the close of market September 8,2020)
Nikola Corporation (NASDAQ: NKLA) and General Motors Co. (NYSE: GM) announced a strategic partnership that begins with the Nikola Badger and carries cost reductions through Nikola's programs, including: Nikola Badger, Nikola Tre, Nikola One, Nikola Two and NZT. As part of the agreement, Nikola will utilize General Motors' Ultium battery system and Hydrotec fuel cell technology, representing a key commercialization milestone for General Motors.
Nikola will exchange $2 billion in newly issued common stock for the in-kind services and access to General Motors' global safety-tested and validated parts and components. General Motors will be subject to a staged lock-up provision beginning in one year and ending in June 2025. General Motors will engineer, homologate, validate and manufacture the Nikola Badger battery electric and fuel cell versions.
Nikola stock closed at $50.05, up $14.50 (+40.79%) on volume of over 133 million.
Highlights include -General Motors to engineer, validate, homologate and build the Nikola Badger for both the battery electric vehicle and fuel cell electric vehicle variants as part of the in-kind services
Nikola anticipates saving over $4 billion in battery and powertrain costs over 10 years and over $1 billion in engineering and validation costs
General Motors expects to receive in excess of $4 billion of benefits between the equity value of the shares, contract manufacturing of the Badger, supply contracts for batteries and fuel cells, and EV credits retained over the life of the contract
General Motors to be exclusive supplier of fuel cells globally (outside of Europe) to Nikola for Class 7/8 trucks, providing validation and scale in a multi-billion dollar total addressable market
Badger is anticipated to enter production by year-end 2022
EV maker Tesla, Inc. (NASDAQ: TSLA) stock fell to $330., down $21-88.11 (-21.06%) on the day following this news and continuing downtrend in tech stocks. Shares were also impacted by the exclusion of the S&P 500 Index.
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Thanks, that's it for today. Do something good for this beautiful planet each and every day.
Podcast host: Dawn Van Zant
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