Nikola Rallies After GM Says Partnership Talks Are 'Going Forward'

Shares of Nikola (NKLA) are moving higher after General Motors (GM) President Mark Reuss told Bloomberg that the company is moving forward with partnership talks. "Right now we are going forward," Reuss said in a Bloomberg TV interview taped on October 16.

"They are taking what I believe is the best fuel cell in the world -- with our fuel cell that is made in our joint venture with Honda right here in Michigan -- and taking that fuel cell and looking at deploying it in the heavy-duty transport market with large trucks -- the Class 7 and 8s -- and also in the light-duty Badger truck," Reuss said.

On CNBC this morning, Reuss added that GM continues "to work the opportunity" of its $2B deal with Nikola that was announced last month but hasn't yet been finalized. "The opportunity to put our fuel cells into a class 7 and 8 vehicles is spectacular," he said during an interview. "We know there's great operational cost advantages there are great efficiencies and there are great opportunities." Shares of Nikola are up 4%, or 88c, to $21.60 in morning trading.

 

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