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Nikola’s stock crashes after announcing cancelation of contract with Republic Services for 2,500 garbage trucks

The undoing of Nikola continues. Today, the company announced the termination of its contract with Republic Services for 2,500 garbage trucks. Announced back in August, the deal had Nikola building garbage trucks in 2023 with on-road testing scheduled for 2024. This is the latest deal to unravel for Nikola as it tries to patch up following recent devastating reports.
According to Nikola, the separation of the two companies was mutual, though it’s hard to picture Nikola’s SEC troubles didn’t weigh heavily upon Republic Services.
“This was the right decision for both companies given the resources and investments required,” Nikola CEO …

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G.M. Scales Down Nikola Deal

Nikola, a start-up electric truck company that had made a big splash on Wall Street, announced a broad alliance with General Motors in September that promised to give the company critical technology, financial support and credibility with investors.But the news was quickly overtaken by claims that Nikola had exaggerated its capabilities, and the firm’s founder resigned. Investors were left to wonder whether Nikola was indeed an automotive innovator and whether G.M. had made an embarrassing mistake in associating with the start-up.After weeks of talks, the two companies announced Monday that they would work together on a …

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