General Motors (NYSE: GM) is taking a $2 billion stake in electric-truck start-up Nikola (NASDAQ: NKLA) and has agreed to build Nikola's Badger electric pickup.
In addition, GM will supply the batteries and fuel cells for Nikola's electric tractor-trailer trucks, the companies announced.
In return for $2 billion in newly issued Nikola shares and a seat on Nikola's board of directors, GM will provide Nikola with "in-kind services." Those services will include the engineering and development work needed to prepare the Badger pickup for production as well as access to GM's global parts bin, including GM's new Ultium electric-vehicle battery system and the Hydrotec hydrogen fuel cells developed by GM in a joint venture with Honda Motor (NYSE: HMC).