Under the terms of the original $2 billion deal, which this agreement supplants, GM was going to take an 11 percent stake in Nikola. The reworked agreement follows fraud allegations that have been laid against the company and its founder and former executive chairman Trevor Milton. Two women have accused him of sexual assault, CNBC reports.
The fate of the Badger is unclear. Nikola said that the project depended on having a partnership with a manufacturer. It will refund all order deposits for the pickup.
“The Badger is on pause,” a Nikola spokesperson told PoliticSay. “Heavy trucks remain our core business and we are 100 percent focused on hitting our development milestones to bring clean hydrogen and battery-electric commercial trucks to market.”
