General Motors will no longer have a stake in Nikola Corp. take. or build its pickup under a revised contract that allows GM to continue to be a key technology supplier for Nikola’s planned line of heavy electric and fuel cell trucks.
Driving the News: Monday’s revised agreement is smaller than a draft partnership launched in September that included a $ 2 billion stake in the startup and an agreement to build the Badger Pickup.
Why It Matters: The future of the deal has been uncertain since Nikola was hit by allegations that the late founder and CEO Trevor Milton made misleading or inaccurate statements.
Where it says: In addition to the elimination of plans for the stake, the stripped down deal no longer includes GM building the pickup, and Nikola said it will refund customer deposits it took on the vehicle.
What they say: « GM’s signing as a partner is a positive but ultimately not a stake in Nikola, and the billions of R&D that may be off the table now are a major negative blow to the Nikola story. « Dan Ives, an analyst at Wedbush Securities, said in a note.
Americans saw more political ads on Facebook in the week leading up to the 2020 elections than the previous week, despite the fact that the company didn’t receive any new political ads during that period, according to Global Witness, a human rights group advocating technical regulation begins.
Why It Matters: The presidential election was a major stress test for Facebook and other leading online platforms to prove they can contain misinformation. Critics claim measures like the ad failure hardly made a dent.
Wall Street is working on how bad the economy needs to get in order for Congress to feel motivated to continue economic support.
Why It Matters: A data dump before Thanksgiving showed more signs of a volatile economic recovery. But the slow drip of crumbling economic data may not be enough to drive Washington past a deadlock and halt the economic decline.
Moderna announced that it plans to file with the FDA on Monday for emergency approval for its coronavirus vaccine, which the company says has an efficacy rate of 94. 1%.
Why It Matters: Moderna will be the second company to apply for an EUA vaccine after Pfizer did the same earlier this month, potentially paving the way for the U.. S.. . Two COVID-19 vaccines are expected to be on sale by the end of the year. The company said its vaccine had a 100% rate of effectiveness against severe COVID cases.
Nikola Corporation, General Motors, Stock
World News – CA – GM will no longer acquire a stake in Nikola or build its pickup truck
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