Russell told Reuters he is confident Nikola will still announce by year-end a collaboration to build hydrogen-refueling stations. There have been reports this week that Nikola’s talks with energy firms, including BP Plc BP.L, had stalled.
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Since the deal, Nikola (ticker: NKLA) shares have gyrated, rising 41% Tuesday, after the deal was announced. The stock then fell 24% Thursday and Friday after a short seller called Hindenburg Research published a report questioning some of Nikola’s technological claims among other issues.
GM and Nikola have yet to finalize their partnership agreement after detailing it in early September. Days after that announcement, a short seller accused Nikola and its then-chairman, Trevor Milton, of deception about its technology and capabilities, causing Nikola’s stock price to plunge and leaving investors to think GM is asking for more out of the deal before signing off.