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Business Maverick: Nikola Declines as Short Seller Accuses EV-Maker of ‘Deception’

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Nikola Corp. shares fell as much as 13% after Hindenburg Research published a report accusing the startup electric-vehicle maker of “deception” and lying about its technology.

to manufacture and supply key components for Nikola’s debut electric pickup, called the Badger. The Detroit giant also will provide fuel-cell and battery technology for Nikola’s semi trucks, which are due to be built at a factory under construction in Coolidge, Arizona.

GM didn’t put any cash into Nikola — it will simply license technology to the company and manufacture its product. But allegations about Nikola could cast a pall over the deal and become a black eye for GM, whose shares fell as much as 4.7% on Thursday.In response to Hindenburg’s claims, GM expressed confidence in Nikola’s ability to create value. “We stand by the statements we made in announcing the relationship,” spokesman Jim Cain said in an email.

CNH Industrial NV’s Iveco unit held a 6.7% stake in Nikola as of June 3 and has an agreement to build one of Nikola’s battery-electric semis at a facility in Germany. CNH shares fell as much as 3.2% during European trading hours on Thursday. The company didn’t immediately reply to a request for comment.called out companies including SCWorx Corp. and Predictive Technology Group for making claims tied to the coronavirus. Trading in both companies’ shares was later temporarily suspended by the U.S.

 

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