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Nikola shares plunge 16% after CEO says plans intact even without GM
short by Rishabh Bhatnagar / on Sunday 18 October, 2020
Green vehicle startup Nikola's shares fell by 16% after CEO Mark Russell said they will revert to a "base plan" without General Motors (GM) if a deal isn't agreed upon. GM announced last month it is taking an 11% stake in Nikola in a strategic partnership. "We’re working on the details," said GM, adding the deal hasn't been finalised yet.
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