Nikola and GM team up to make this 900-horsepower super electric truck

Market Trading EssentialsSeptember 8, 2020

2 minutes read

NKLA) and GM (GM) are teaming up to take on Tesla’s cybertruck.

The electric truck startup announced Tuesday it has selected GM to be its manufacturing parter for its electric pickup truck dubbed the Badger. The Badger will use GM’s widely acclaimed Ultium battery technology. Additionally, Nikola will hand over $2 billion in stock to GM — giving the automaker an 11% stake in the company.

“Nikola is one of the most innovative companies in the world. General Motors is one of the top engineering and manufacturing companies in the world. You couldn’t dream of a better partnership than this,” said Nikola founder and executive chairman Trevor Milton in a statement. “By joining together, we get access to their validated parts for all of our programs, General Motors’ Ultium battery technology and a multi-billion dollar fuel cell program ready for production. Nikola immediately gets decades of supplier and manufacturing knowledge, validated and tested production-ready EV propulsion, world-class engineering and investor confidence. Most importantly, General Motors has a vested interest to see Nikola succeed. We made three promises to our stakeholders and have now fulfilled two out of three promises ahead of schedule. What an exciting announcement.”

Nikola Badger pickup truck. [Credit: Nikola]

Added GM Chairman and CEO Mary Barra, “This strategic partnership with Nikola, an industry leading disrupter, continues the broader deployment of General Motors’ all-new Ultium battery and Hydrotec fuel cell systems. “We are growing our presence in multiple high-volume EV segments while building scale to lower battery and fuel cell costs and increase profitability. In addition, applying General Motors’ electrified technology solutions to the heavy-duty class of commercial vehicles is another important step in fulfilling our vision of a zero-emissions future.”

Thus far, the Badger has been a mere rendering that has lit-up social media feeds.

The company did begin taking pre-orders for the electric super pickup truck in late June. On paper, the truck stands to be a beast. It’s expected to have 906 horsepower and have a 600-mile range using both battery and hydrogen fuel cells. Nikola has said pricing will start at $60,000 for the electric vehicle version and $90,000 for the one that also includes the hydrogen cell.

The Badger is expected to be unveiled in early December. Production has been set for 2022.

@BrianSozzi and on LinkedIn.” data-reactid=”39″>Brian Sozzi is an editor-at-large and co-anchor of The First Trade at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.