Nikola signs memorandum of understanding with General Motors

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PHOENIX, November 30, 2020 / PRNewswire / – Nikola Corporation (NASDAQ: NKLA) today announced that it has signed a non-binding Memorandum of Understanding (“MOU”) with General Motors for a Global Supply Agreement related to the integration of the GM’s Hydrotec fuel cell in Nikola commercial semi-trucks. This replaces and replaces the transaction announced on September 8, 2020.
Under the MOU, Nikola and GM will work together to integrate GM’s Hydrotec fuel cell technology into Nikola’s Class 7 and Class 8 zero-emission semi-trucks for the medium and long-haulage industries. mail. As previously announced, Nikola plans to start testing production prototypes of its hydrogen fuel cell trucks by the end of 2021, with testing of beta prototypes scheduled to begin in the first half of 2022. Additionally, Nikola and GM will do so. discuss the potential for using GM’s versatile Ultium battery system in Nikola’s Class 7 and 8 vehicles.

“We are delighted to take this important step with GM, which provides the opportunity to leverage the resources, strengths and talent of both companies,” said Mark Russell, CEO of Nikola. “Heavy trucks remain our core business and we are 100% focused on achieving our development milestones to bring clean hydrogen and battery electric commercial trucks to market. We believe that fuel cells will become increasingly important to the semi-truck market, as they are more efficient than gasoline or diesel and are lightweight compared to batteries for long hauls. By working with GM, we strengthen our companies’ shared commitment to a zero emissions future. ”

The agreement between Nikola and GM is subject to negotiation and execution of final documentation acceptable to both parties. The MOU does not include GM’s previously contemplated equity investment in Nikola or the development of Nikola Badger. As previously announced, the Nikola Badger program was dependent on an OEM partnership. Nikola will refund all previously submitted order deposits for the Nikola Badger.

About Nikola Corporation

Nikola Corporation is transforming the transportation industry globally. As a designer and manufacturer of battery-electric and zero-emission hydrogen electric vehicles, electric vehicle transmissions, vehicle components, energy storage systems and hydrogen station infrastructure, Nikola is determined to revolutionize the economic and environmental impact of trade as we know it. today. Founded in 2015, Nikola Corporation is headquartered in Phoenix, Arizona. For more information, visit www.nikolamotor.com or Twitter @nikolamotor.

Forward-looking statements

Certain statements included in this press release that are not historical facts are forward-looking statements for the purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally accompanied by words such as ” believe ”“. can, “” will “,” estimate “,” continue “,” anticipate “,” intend “,” expect “,” should “,” would be “,” plan “,” predict “,” potential “,” Appear to “seek”, “future”, “outlook” and similar expressions that predict or indicate future events or trends or that are not statements about historical matters. These forward-looking statements include, but are not limited to, statements regarding Nikola’s expectations regarding the terms and potential benefits of the MoU or a definitive agreement with GM; Nikola’s expectations and schedule for prototype, production and testing; the benefits of fuel cell technology; and Nikola’s beliefs about the benefits of his zero emission vehicles. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Nikola’s management and are not forecasts of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from forward-looking statements, including, but not limited to, the ability of Nikola and GM to enter into a transaction. final documentation for a supply contract and the terms of such final documentation; failure to realize the expected benefits of the MOU or any final agreement; general economic, financial, legal, political and commercial conditions and changes in domestic and foreign markets; the potential effects of COVID-19; the impact of legal, regulatory or administrative proceedings to which Nikola is or may become a party; risks associated with the deployment of Nikola’s activities and the timing of expected commercial milestones; the effects of competition on Nikola’s future business; the availability of capital; and other risks discussed under “Risk Factors” in Nikola’s quarterly report on Form 10-Q for the quarter ended September 30, 2020 and other reports and documents from time to time Nikola’s files with the SEC. If any of these risks materialize or if its assumptions prove to be incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and Nikola expressly disclaims any obligation to update these forward-looking statements.

Media contacts:

Nicole rose
[email protected]
602-499-4795

Colleen Robar
[email protected]
313-207-5960

SOURCE Nikola Corporation

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