Nikola (NASDAQ:NKLA) has canceled plans to build its Badger electric pickup truck after General Motors (NYSE:GM) scaled-down its partnership and is relinquishing its stake in Nikola. Nikola is processing order refunds for GM's Badger deposits.
- Nikola and GM had reached a $2B agreement in September, which gave GM an 11% stake in Nikola for producing the Badgers, plus supplying batteries and fuel cells.
- Fraud allegations against Nikola founder Trevor Milton, who resigned on Sept. 21, caused the GM deal to hit a snag after it was initially scheduled to close by Sept. 30.
- Nikola's share price has halved since its high in November.
- From a 52-week high of $93.99, shares are down 80%. (NKLA trades at $18 as of the time of writing.)