Hyperdrive
Nikola Shares Plunge After CEO Says Startup Can Go It Alone
- Startup could revert to ‘base plan’ without General Motors
- Planned pickup will be abandoned without manufacturing partner
Outside Nikola Corp. headquarters in Phoenix, Arizona, U.S., on Sept. 15.
Photographer: Ash Ponders/BloombergThis article is for subscribers only.
Nikola Corp. shares sank as much as 16% in Friday trading after the electric-truck startup’s chief executive officer said he sees a path for his company even if it can’t come to terms with General Motors Co. on a proposed strategic partnership.
Talks between the two companies are ongoing, but if a tentative technology-sharing and manufacturing deal announced last month falls apart, Nikola will revert to a “base plan” without GM’s help, CEO Mark Russell said in an interview late Thursday.