GM and Nikola team up in electric trucks and hydrogen energy

It is reported that General Motors announced the establishment of a strategic partnership with Nikola to promote the application of Ultium battery system and Hydrotec hydrogen fuel cell technology to Nikola's products.

General Motors will acquire Nikola's newly issued common stock of US$2 billion with equivalent non-cash assets, and is expected to receive more than US$4 billion in benefits in terms of stock value, battery and fuel cell supply, product development and manufacturing, and electric vehicle points. Nikola expects that in the next 10 years, it can reduce the expenditure of 4 billion US dollars in the battery and drive system field and reduce the engineering verification cost of its products by 1 billion US dollars.

Trevor Milton, founder of Nikola, said: “Nikola is one of the most innovative companies in the world, and General Motors is one of the world’s top engineering and manufacturing companies. This cooperation allows Nikola to quickly use GM’s Ultium battery system and value data. The billion-dollar fuel cell project that has been put into production, the fully proven and tested mass-produced electric vehicle drive system, and the confidence of investors. GM’s investment enables us to have a common goal of success."

Mary Barra, Chairman and CEO of General Motors, said: "The strategic cooperation with Nikola enables Ultium battery systems and Hydrotec hydrogen fuel cell systems to achieve a wider range of applications. We are expanding in many major electric vehicle market segments to reduce The cost of batteries and hydrogen fuel cells improves profitability. At the same time, applying GM’s electrification technology solutions to heavy commercial vehicles is an important step for us to move towards a “zero emission” future."

Through the strategic cooperation with Nikola, General Motors will expand the application of hydrogen fuel cell technology to the 7/8 category semi-trailer truck market, enabling its industry-leading Hydrotec hydrogen fuel cell system to achieve large-scale commercialization and become a battery-driven technology An effective supplement. As a more efficient energy source than gasoline and diesel, hydrogen fuel cells are becoming increasingly important to the semi-trailer truck market. GM believes that hydrogen fuel cell technology has broad application prospects in diversified transportation and fixed and mobile energy terminal markets.