Nikola Corp will likely be working with gear maker CNH Industrial, to construct prototypes of its Tre semi-truck. CNH mentioned it goals to start out testing the semi-trucks later this 12 months and hopes to launch the autos commercially by the fourth quarter of 2021.
View Pictures
GM additionally took 11% stake in Nikola & mentioned the 2 firms will be a part of forces to construct electrical pickups
Nikola Corp and automobile gear maker CNH Industrial mentioned final week they’re working to construct prototypes of the EV maker’s Tre semi-truck, days after a scathing report from short-seller Hindenburg alleged Nikola of ‘fraud’. CNH mentioned it goals to start out testing the semi-trucks later this 12 months and hopes to launch the autos commercially by the fourth quarter of 2021. In the meantime, the U.S. Securities and Trade Fee (SEC) is probing Nikola to evaluate the deserves of Hindenburg’s allegations that the EV maker misled buyers about its enterprise prospects, Bloomberg Information reported.
Nikola, which had accused Hindenburg of manipulating the inventory to profit short-sellers, mentioned its counsel had contacted and briefed the SEC on its considerations concerning the short-seller’s report.
Additionally Learn: Nikola Overprojected Technology Development: Hindenburg Report
The SEC didn’t instantly reply to Reuters request for remark.
Shares of the electric-truck maker had been down about 9% at $32.52 in prolonged commerce.
Nikola can be working with Basic Motors to make pickup vehicles and gasoline cell industrial vehicles
Hindenburg had shorted the inventory final week and mentioned it had gathered sufficient proof to point out Nikola founder Trevor Milton made false statements about possessing proprietary know-how to type partnerships with giant automakers.
Hindenburg had additionally alleged seemingly practical truck, Nikola One, was “merely filmed rolling down a giant hill” in 2017.
Nikola mentioned it by no means acknowledged the truck was driving “below its personal propulsion” and buyers at the moment had been conscious of its technical capabilities.
Earlier, automaker Basic Motors Co took an 11% stake in Nikola and mentioned the 2 firms will join forces to build electric pickup trucks and gasoline cell industrial vehicles to tackle Tesla Inc .
GM’s cope with Nikola offers it scale and validates its know-how, GM Chief Govt Officer Mary Barra instructed buyers at an RBC convention on Monday, deferring any questions on the latter to the EV maker.
(This story has not been edited by NDTV employees and is auto-generated from a syndicated feed.)
zero Feedback
For the newest auto news and reviews, observe carandbike.com on Twitter, Facebook, and subscribe to our YouTube channel.
Source by [author_name]
