Bloomberg reported on magnetic levitation (maglev) train projects by Japan and China. Both countries are looking to use high-speed maglev trains to increase the competitiveness of their ports and exports.

• China and Japan are working on long-distance maglev lines connecting major cities.
• Central Japan Railway (9022.T) is working on an $86B Tokyo-Osaka $86 maglev which is scheduled for completion in 2037.
• China is working on a $15B Shanghai-Ningbo maglev railway, expected by 2035.
• Worldwide, the total rail infrastructure industry is worth more than $2T.
• Bloomberg also reported on a possible $10B Baltimore-Washington D.C. high-speed railway.

Nikola's (NASDAQ:NKLA) share price fell by 12% after its CEO Mark Russell failed to reassure concerned investors about its $2B deal with General Motors. In September, both the companies announced a partnership that would give GM an 11% stake in Nikola. It would also be worth $2B in common stocks in exchange for non-monetary services from GM, including manufacturing the Nikola Badger. If a deal isn't made by Dec. 3, either company could walk away from the deal according to the agreement's terms.

More:

• Around two days after the initial deal announcement, short-seller Hindenburg Research accused Nikola's founder, Trevor Milton, of making false statements about its technology. They described Nikola as "an intricate fraud built on dozens of lies." Following the report, SEC launched a probe into Nikola. 
• Trevor Milton stepped down as Nikola's executive chairman and from its board on Sep. 21. The lock-in period for his 91.6 million shares of Nikola ends on Dec. 1. 
• GM President Mark Reuss said that they are going forward with the deal as of Oct. 21. 
• Nikola reported a loss of $117M for Q3 2020 and an $86M loss in Q2 2020. The company earned no revenue for Q3 2020, and it earned $36,000 in Q2 2020 from the solar installations for Trevor Milton.
• The company went public on June 4 through SPAC VectoIQ Holdings and its shares traded at around $37 on its IPO, before reaching $79 on June 9. As of today's opening, its share prices were trading at about $29. Currently, it has a market cap of $11B.

This story first appeared in Inside Business.

International courier DHL is adding electric tractor-trailers to its U.S. fleet. The company is piloting four battery-electric trucks manufactured by BYD Motors (1211.HK).

• The project is part of the company's goal of reducing emissions to net-zero by 2050.
• Greg Hewitt, CEO of DHL Express U.S., said that the company would "prevent more than 300 metric tons of greenhouse gas emissions from entering the atmosphere per year, as we continue to grow and enhance our clean pick-up and delivery solutions."
• Fully electric, hybrid-electric, and clean diesel vehicles are part of DHL's alternative fuel vehicle fleet in the U.S.

General Motors (NYSE:GM) recalled 7M cars globally after 17 deaths in the U.S. were linked to airbag defects. Despite GM's belief that the airbags did not need replacing, the U.S. National Highway Traffic Safety Administration ordered the recall. The problem originated in 2014 with Takata, a now-bankrupt Japanese producer.

More:

• Defects in airbags manufactured by now-bankrupt Takata caused some airbags to explode when deployed.
• The defect has caused drivers or passengers to be blinded, maimed, or fatally injured.
• With Takata unable to pay for repairs, GM will have to pay an estimated $1.2B to replace the airbags.
• GM previously recalled ~800,000 cars using these airbags but did not believe any more recalls were necessary.
• Combined with GM's other recalls dating back to 2014, GM has issued more recalls over the last six years than any other automotive manufacturer.

A version of this story first appeared in Inside Business.

The State Funding Board of Tennessee approved incentives for General Motors' (NYSE:GM) EV plant. The economic incentives, which amount to $35M, will be used for converting GM's Spring Hill assembly plant in Maury County.

• GM announced $2B in spending to make the Spring Hill factory its third U.S. EV plant.
• Financial incentives will be used for hires, job training, and retention of 2,000 full-time employees for the new vehicle project.
• Spring Hill employees make $31/hour, significantly higher than the $16.80/hour average wage in Maury County.
• Spring Hill will build the Cadillac Lyriq, a small electric SUV, in addition to continued production of gasoline-powered Cadillac SUVs.

QUICK HITS:

• An algorithm that analyzes Twitter comments and invests in crypto is beating the S&P. * 
• Tesla (NASDAQ:TSLA) will produce electric car chargers in China, Reuters reports. The company has historically used U.S.-built chargers.
• General Motors wants to settle an issue with dealerships about the electrification of its Cadillac brand, incentivizing dealers to sell EVs.
• Settlement payments to U.S. states from Volkswagen (VOW.DE) continue subsidizing EV charging stations. We will continue covering Volkswagen's dieselgate penance projects, including Electrify America, here at Inside Electric Vehicles.
• AGL has announced plans to lead an $8M EV charging trial to test the electricity grid's impacts.

   *This is a sponsored post.