GM walks away from stake in electric vehicle maker Nikola

NEW YORK (AP) — General Motors will no longer be taking stake in the electric vehicle company Nikola which announced Monday that it would scuttle one of its marquee vehicles, an electric and hydrogen-powered pickup that was to be called the Badger. Shares of Nikola plunged 26%. Nikola released updated terms between the companies for a supply agreement related to GM’s fuel-cell system. The new deal excludes an 11% stake in Nikola for GM. The initial agreement would also have allowed Nikola to use GM’s new battery electric truck underpinnings for the Badger. With that agreement off, Nikola said Monday that it will begin refunding all deposits made by customers for first dibs on the pickup.