Partnership

GM takes $2 billion ownership stake in Nikola, plans to engineer, manufacture Badger truck

General Motors anticipates having $4 billion in returns from its investment.

Photo courtesy of Nikola Corporation

General Motors (NYSE: GM) is expanding its stake in an alternative fuels future. The auto industry giant is receiving a $2 billion equity stake in Nikola (NASDAQ: NKLA) for in-kind contributions relating to the engineering and manufacturing of the company's hydrogen-powered pickup truck, the Badger.

The deal includes putting GM's hand in the full product planning process including engineering, validating, and homologating the Badger for both battery electric and fuel cell electric vehicle variants.

Nikola is one of the most innovative companies in the world. General Motors is one of the top engineering and manufacturing companies in the world. You couldn't dream of a better partnership than this," said Nikola Founder and Executive Chairman Trevor Milton.

Nikola Badger Nikola has revealed renderings of its hydrogen- and battery-powered pickup truck. Photo courtesy of Nikola Corporation

"By joining together, we get access to their validated parts for all of our programs, General Motors' Ultium battery technology and a multi-billion dollar fuel cell program ready for production. Nikola immediately gets decades of supplier and manufacturing knowledge, validated and tested production-ready EV propulsion, world-class engineering and investor confidence. Most importantly, General Motors has a vested interest to see Nikola succeed. We made three promises to our stakeholders and have now fulfilled two out of three promises ahead of schedule."

Nikola says that the engineering and manufacturing process would have cost the company $4 billions in battery and powertrain costs over 10 years and $1 billion in engineering and validation costs. Through its $2 billion investment, GM expects to receive inn excess of $4 billion in benefits between the equity value of the shares, contract manufacturing of the Badger, supply contracts for batteries and fuel cells, and EV credits retained over the life of the contract.

Nikola will utilize General Motors' Ultium battery system and Hydrotec fuel cell technology. General Motors debuted the Ultium battery system earlier this year. It will be an integral part of the company's lineup in the future including the GMC Hummer EV pickup and SUV and Cadillac Lyriq.

Nikola Badger The Nikola Badger powered by hydrogen fuel cell technology will include a water tap in its cabin. Photo courtesy of Nikola Corporation

Nikola is expected to introduce the Badger in early December. Badger is expected to enter production by the end of 2022. Deposits are currently being accepted for the model. Early in the reservation process, Milton divulged that 1,500 people per day were reserving the truck.

Another side of the Nikola business deals with tractor trailer technology. General Motors will be the exclusive supplier of fuel cells globally (outside of Europe) to Nikola for Class 7/8 trucks. This will allow Nikola to validate and scale to a possible multi-billion dollar operation.

Nikola remains an independent company. The investment is subject to customary antitrust regulatory approval and closing conditions. The parties anticipate closing the transaction prior to Sept. 30, 2020.

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New luxury car

BMW sends its V12 engine off in style

BMW will build its final V12 engine this June.

BMW

Most automakers are focused on building EVs and extracting the best fuel economy from gas engines possible, so it’s not surprising to hear that BMW is pulling the plug on one of its biggest and most iconic engines. In June 2022, BMW will build its very last V12 engine for use in a super-limited-production special edition 7 Series model. The ultra-rare cars will carry a starting price of $200,995.

BMW 760i xDrive The last V12 will power a very special (and very expensive) 7 Series car.BMW

Only twelve lucky customers will have the option to nab a V12-powered BMW, which will be called the M760i xDrive. Displacing 6.6 liters, the twin-turbocharged beast produces a massive 601 horsepower. An eight-speed sport automatic transmission and all-wheel drive are standard. BMW says the powertrain is strong enough to push the hefty 7 Series car to 60 mph from a standstill in just 3.6 seconds.

The final-run cars will feature little more than a special “V12” badge at the rear to differentiate them from standard 7 Series models. Inside, the car features a serialized plaque with the car’s production number out of the 12 units planned. The engine itself features a nameplate with “The Final V12.”

Beyond the badges, BMW’s 12-cylinder last-hurrah will come standard with 20-inch M double-spoke wheels, a choice of any available BMW full Merino leather color, M Sport brakes with black or blue calipers, a panoramic LED roof, remote control parking, a Bowers & Wilkins surround-sound system, and adaptive LED headlights.

BMW 760i xDrive Only 12 of the cars will be built, with a starting price of more than $200,000.BMW

Though it hasn’t been BMW’s most popular engine over the years, the V12 has been a part of the automaker’s catalog for 35 years. The first 12-cylinder engine showed up in 1987, producing 295 horsepower in the original 750iL sedan.

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Chevy recently dropped a load of specs and opened orders for the new Silverado EV.

Chevrolet

After months of teases and speculation, Chevrolet took the wraps off its 2024 Silverado EV pickup truck. The long-awaited electric truck lands with impressive range of up to 400 miles, plenty of power, and neat features that improve its ability to do "truck stuff." The $105,000 RST First Edition model sold out in 12 minutes, so we're here to ask the question: Would you line up to buy one?

2024 Chevrolet Silverado EV It's all about the screens in the RST First Edition model. Chevrolet

Chevrolet will offer the truck in two trims at launch: A fleet-oriented WT (work truck) model and a consumer-friendly RST First Edition model. Chevy says it will eventually offer a fleet model with 20,000 pounds of max towing capacity. The WT model will launch first with 510 horsepower and 615 pound-feet of torque, which adds up to a towing capacity of 8,000 pounds and 1,200 pounds of payload. The RST trim offers a Wide Open Watts (WOW) Mode that bumps power to 664 ponies and 780 pound-feet of torque, which is good for a 0-60 mph time of just 4.5 seconds.

The RST model offers advanced features to make daily driving easier for the everyday buyer, including four-wheel steering, automatic adaptive air suspension, a 17-inch touchscreen and 11-inch gauge cluster, a 14-inch head-up display, and Super Cruise with trailering capability. An available onboard generator system can produce up to 10.2kW of power for equipment such as worksite power tools or campsite gear.

2024 Chevrolet Silverado EV Preorders for the $105,000 RST First Edition sold out in just 12 minutes.Chevrolet

Both trucks come exclusively in crew cab format, and will offer an "eTrunk" where the engine bay would be in a traditional truck. The lockable, weatherproof compartment can carry a large suitcase, and adds to the Silverado EV's already impressive interior storage. The RST's center console can swallow more than seven gallons of gear, which is large enough to hold a small lunch cooler, according to Chevy. RST models are also available with GM's excellent Multi-Flex tailgate, but there's a new feature for the electric truck that its gas-powered counterparts don't get: A Multi-Flex Midgate that opens the space between the cab and bed for carrying longer cargo. Using the function won't interfere with use of the back seat, either, so the truck will still carry at least four people.

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