Nikola jumped 15% on Wednesday after CNBC’s Phil LeBeau reported, bringing up the sources, that General Motors could take a larger stake than expected in the start-up of electric vehicles.
“Don’t be surprised” if that happens, LeBeau said.
In early September, GM and Nikola announced an $2 billion deal in which GM would take an 11% stake in Nikola in exchange for the design, production and production of Nikola’s Badger pickup truck.
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Since the report’s publication, Milton has resigned as Nikola’s executive chairman.
Talks between Nikola and GM are ongoing and an agreement will be finalized until Wednesday, according to CNBC.
General Motors quoted up to 2% on Wednesday.