Tag Archives: Lawsuits/Legal

Nikola Paying $125M to Settle with SEC

December 21, 2021 admin

Nikola Corp. agreed to pay $125 million to settle civil charges levied against the company by the Securities and Exchange Commission claiming it defrauded investors by making false claims about its vehicles.

Nikola CEO Trevor Milton t-shirt — Nikola’s settlement with the SEC still holds the company accountable for statements made by founder Trevor Milton.

The deal is separate from the civil and criminal charges against Trevor Milton, the company’s founder and now-former Chairman. In fact, the company’s agreed to cooperate with any current investigation and litigation, however, it didn’t admit or deny the SEC’s findings in the settlement.

The agency contends the company misled investors about the capabilities of its hydrogen fuel cell-powered vehicles, suggesting they were further along in development than they were. The focal point being a video of its Nikola One appearing to be driving under its own power, when it was actually rolling down a slight decline.

The video became the centerpiece of a report by short-selling research firm Hindenburg Research claiming Nikola was based on “intricate fraud built on dozen of lies” perpetrated by Milton. That quickly triggered an SEC probe and led to the decision by Milton to resign on Sept. 21.

Nikola agreed to pay the $125 million in five installments over two years. The first payment comes by the end of this year, with the remainder being paid in semi-annual installments in 2022 and 2023. The company previously disclosed Nov. 4, 2021 it took a $125 million reserve in its third quarter earnings to account for the expected settlement.

Nikola Motor Chairman Trevor Milton — Nikola Motor’s former Chairman Trevor Milton is facing civil and criminal charges in court.

Milton not off the hook

Nikola “is responsible both for Milton’s allegedly misleading statements and for other alleged deceptions, all of which falsely portrayed the true state of the company’s business and technology,” said Gurbir Grewal, the SEC’s enforcement director, in a statement.

Milton saw civil and criminal charges filed against in July, claiming he used social media to repeatedly mislead investors about the company’s technology, netting “tens of millions of dollars” in the process. Milton’s repeatedly denied wrongdoing and is in the midst of a court battle.

Audrey Strauss, the acting U.S. Attorney for the Southern District of New York, said during a press conference in late July, Milton deliberately set out to deceive what she described as “retail investors” by making claims he knew were false about Nikola products.

While Nikola’s settled up with the SEC, it’s now focused on its former leader.

Nikola Tre Class 8 semi — The company’s attempting to move on from the problems. In fact, it delivered its first battery-electric Tre Class 8 rigs last week.

“The company has taken action to seek reimbursement from its founder, Trevor Milton, for costs and damages in connection with the government and regulatory investigations,” the company said in a release.

Moving forward

“We are pleased to bring this chapter to a close as the company has now resolved all government investigations,” the company said in a statement.

“We will continue to execute on our strategy and vision to deliver on our business plan, including delivering trucks to customers, expanding our manufacturing facilities and our sales and service network, and building out our hydrogen infrastructure ecosystem including hydrogen production, distribution and dispensing stations.”

This is already happening as it delivered the first Nikola Tre battery-electric pilot trucks to Total Transportation Services Inc. (TTSI), a Southern California’s port trucking company, to expedite zero-emission transportation solutions at the ports of Los Angeles and Long Beach.

The company is engaged in a four-truck pilot program with the trucking company, involving two battery electric trucks with a range of 350 miles and two fuel cell-electric trucks with a range of 500 miles. If the vehicle trials go well and TTSI obtains government funding, the company will provide 30 BEVs in 2022, and 70 FCEVs are anticipated to start in 2023.

GM’s Troubles with Bolt EV Grow as it Recalls 73K More Vehicles

August 20, 2021 admin

General Motors’ problems with the Chevrolet Bolt EV keep expanding, the company announcing late Friday it’s including an additional 73,000 vehicles in the recall.

2019 Chevrolet Bolt EV — GM added another 73,000 Chevy Bolt EVs to the recall list with the older models.

The new models include the 2019 cars not included in the first action as well as all of the 2020-2022 EVs. A defect in the battery can cause the vehicles to catch fire. The company already recalled more than 69,000 2017-2019 models for the problem — at a cost of about $800 million to replace the batteries.

Now, the additional 70K-plus electric vehicles basically account for all of the Bolts produced. The company said add $1 billion to the earlier total, bringing the overall cost to fix the problem to just about $1.8 billion.

“In rare circumstances, the batteries supplied to GM for these vehicles may have two manufacturing defects — a torn anode tab and folded separator — present in the same battery cell, which increases the risk of fire,” the company said in a statement released Friday.

“Out of an abundance of caution, GM will replace defective battery modules in Chevrolet Bolt EVs and EUVs with new modules, with an expected additional cost of approximately $1 billion.”

2022 Chevrolet Bolt EV — The 2022 Chevrolet Bolt is now part of the ongoing recall of the company’s electric vehicles.

Trying to resolve the problem

The company attempted to resolve the issue with the initial recall, believing a software tweak could settle it. However, two more vehicles caught fire — one after getting the update — forcing GM to issue a recall again to replace the batteries in the initial pool of affected vehicles.

As owners waited, it asked them to park their vehicles away from outside of their garages or other buildings after charging. It also recommended the vehicles not be charged past 90% capacity — all to no avail.

Apparently, after further investigation, the company discovered the issue affected newer models outside of the original pool of 2017-2019 model-year vehicles.

GM confirmed to CNBC there has been one fire in the new population of recalled vehicles. Including the previous confirmed fires from in the first round of recalled vehicles, a total of 10 of the EVs have caught fire.

charred Chevy Bolt in garage — One of the two recent Bolt fires included a vehicle that completed the software update.

The company continues to ask affected Bolt EV owners to set their vehicles to a 90% state of charge limitation using Hilltop Reserve mode (for 2017-2018 model years) or Target Charge Level (for 2019 model year) mode.

Earlier plan fails to solve the problem

GM said earlier the high-voltage batteries being recalled were produced in South Korean battery manufacturer LG Chem’s facility in Ochang, South Korea.

The company disclosed July 23, along with LG Chem, it identified the presence of two manufacturing defects in the same battery cell as the root cause of battery fires in certain Bolt EVs. GM described the defects as “rare” by GM.

LG Energy Solutions, a wholly owned LG Chem battery subsidiary, said in a statement to Reuters it “will actively cooperate to ensure that the recall measures are carried out smoothly.”

Last month, GM disclosed it was taking an $800 million charge to cover the cost of the recall of the battery electric vehicles.

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UAW Sells Scandal-Plagued Northern Michigan Property for $1.1 Million

August 2, 2021 admin

The United Auto Workers netted $1.1 million from the sale of the property located adjacent to the UAW’s Black Lake educational center, which figured prominently in the recent scandal, leading to prison sentences for two former UAW presidents.

UAW Dennis Williams — The UAW sold the “cabin” built for expelled former President Dennis William on its Black Lake property in northern Michigan.

The lakefront property near Onaway, Michigan includes the 1,900-square foot residence that was supposed to the part-time retirement home of former UAW President Dennis Williams, who was sentenced to 21 months in prison for his role in the scandal after he pleaded guilty to charges of wire fraud and conspiracy.

The $1.1 million earned from the sales of the home will go into the UAW’s general fund, UAW spokesman Brian Rothenberg said in an email to TheDetroitBureau.com.

Home approved during UAW convention

The union’s Constitutional Convention in 2018 rubber-stamped a motion to build the retirement cottage for Williams without any dissent or discussion from the convention floor, which was tightly controlled by Williams’ allies.

The UAW sold the property as part of the deal struck with federal prosecutors.

The resolution authorizing construction of the “cabin” relied on the precedent set when the UAW’s 2002 Constitutional Convention, authorizing construction of a house at Black Lake for UAW President Steven Yokich, who was retiring after seven years as the union’s leader.

“In tribute to his tireless efforts to invest in and expand the educational and recreational opportunities available to UAW leaders at the great facility, the cottage shall be available for his use whenever he visits the center, for the use of others when he isn’t visiting the center, and for the display of special memorabilia of his choosing,” according to the resolution included in a book on the proceedings from the union’s convention in Las Vegas.

Golf course and “cabin” almost sold earlier

former UAW President Ron Gettelfinger — Former UAW Ron Gettelfinger tried to sell the Black Lake golf course in 2010.

Yokich, who also directed to construction of a new championship-style golf course at Black Lake, died two months after leaving office but the resolution authorizing construction of a house remained while the property the UAW acquired at Yokich’s direction remained vacant.

Ron Gettelfinger, who was the UAW’s president from 2002 to 2010, tried unsuccessfully to sell the golf course and to minimize the cost of operating Black Lake during a deep recession that decimated the UAW’s membership rolls.

Gettelfinger, who was quite familiar with the center’s financial problems declined to have any kind of house built for him and his successor, Bob King, simply used a cabin at Black Lake that had been used by other former UAW officers such as Doug Fraser, according to people familiar with Black Lake’s operations.

Black Lake is a special place to the UAW as iconic leader Walter Reuther is buried there.

Williams took an interest in the Black Lake project while serving as the UAW’s Secretary-Treasurer from 2010 to 2014. He managed to shore up the center’s finances with help from the UAW’s strike fund and as his term as UAW president ended, he began talking up with aides and colleagues he idea of building a new home the property owned by the UAW adjacent to Black Lake even though federal investigators were already probing the conduct of UAW officials.

Black Lake special for UAW

Black Lake holds a special place in union lore. It was planned by Water Reuther, who led the UAW in the years after World War II. Reuther died in 1970 in plane crash when he was on his way north to inspect its construction. He is now buried at Black Lake, where hundreds of union members go each year for conferences and meetings.

As the scandal continued to unfold, the Williams retirement home at Black Lake became emblematic of the corruption among the UAW top officers that has now led to prison sentences for a dozen former officers and officials.

Williams, like former UAW president Gary Jones, also has been expelled from the union.

The UAW put the cottage up for sale last year but the pandemic and questions about an easement and a possible federal claim to the property delayed the move. All of the issues, including the potential for forfeiture to the U.S. government have been resolved, union officials said. “This sale rights a wrong from the past, and I want each and every one of you to know that we continue to implement ethics reforms throughout the organization,” new President Ray Curry wrote in a note to members last week.

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SEC Investigating VW Due to the “Voltswagen” Stunt

April 30, 2021 admin

The “Voltswagen” April Fool’s Day prank has led to an investigation by the SEC.

What started out as a “humorous” advertising and marketing ploy could land German automaker Volkswagen in serious trouble with the federal government.

The Securities and Exchange Commission (SEC) is apparently looking into VW’s “Voltswagen” marketing stunt to determine if it hurt company stock prices and may have broken any U.S. securities laws, according to German news outlet Der Spiegel.

The incident in question dates back to March 29. As a sort of early April Fool’s Day prank (and marketing ploy), VW “accidentally” released a rough draft of a press release declaring the company was going to change its name to “Voltswagen” as part of a larger effort to promote its ever-growing line-up of electric vehicles (EVs).

This action was picked up by the worldwide automotive press and on March 30 VW issued an official press release to several news outlets, including the Associated Press, confirming the leaked statement from the day before.

This action resulted in VW’s stock price going up. At one point it was 12.5% above its price before the whole incident.

SEC looking at jump in stock price

VW of America President Scott Keogh took responsibility for the poorly received April Fools’ prank that wasn’t on April 1.

This is what caught the attention of the SEC, taking what many considered a fairly unfunny publicity ruse to a possible federal offense.

After the April Fool’s stunt failed in the eyes of the media and the public, VW issued a press statement saying the releases were actually part of a larger tradition in which companies often issue prank statements.

This one just meant to also focus the world’s attention on VW’s growing EV portfolio.

But public statements that affect stock prices usually don’t get an “April Fools” immunity. An SEC investigation could result in charges against the company.

Several news organizations, including The New York Times and Reuters, have asked for a comment from VW. So far, the company has declined to issue one.

Just one of many VW legal scandals

This is not the first time VW has gotten into trouble for the way it conducts its business.

Oh those wacky Germans!! As quickly as it got here, VW took it away: Voltswagen is the company that never was.

In October 2015, as Volkswagen struggled to deal with its diesel emissions scandal, new data raised questions about whether the automaker properly reported death and injury claims to U.S. regulators during the past decade.

A study by the financial advisory firm Stout Risius Ross Inc., found that Volkswagen of America reported nine times fewer deaths and injuries than the average of the 11 largest automakers operating in the U.S. market. Significantly, VW reported less than half as many incidents as either Fiat Chrysler or Honda, both of which have been fined for underreporting their own death and injury data.

Back in September 2015, the EPA accused the German maker of using a so-called “defeat devices,” software designed to fool government emissions tests, on a variety of luxury models from the Audi and Porsche brands. The feds charged VW took steps to cover up excess emissions on 482,000 vehicles sold in the U.S. during a 7-year period.

The end result was VW paying billions of dollars in fines to various governments around the world. The company also faced numerous consumer lawsuits that further cost the company money.

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Expect Tougher EPA Emissions Rules by July, Says Biden EPA Chief

April 7, 2021 admin

EPA Administrator Michael Regan said the agency will reveal tougher emissions standards by July.

Even before taking office in January, then President-elect Joe Biden faced heavy pressure to tighten federal tailpipe regulations, reversing cuts enacted by his predecessor, Donald Trump.

Michael Regan, the new EPA administrator, said this week updated emissions standards are coming and should be announced by July. While the nation’s environmental chief did not offer specific details, he also wouldn’t rule out the possibility that future mandates would lead to the phase out of vehicles using internal combustion engines, according to Bloomberg News.

“We need to go as far as we can to meet the demands of the day,” Regan told the news service. “The science indicates we have a short window in time to reverse the path that we’re on and mitigate against certain climate impacts.”

Trump rollback

The Trump administration CAFE rollback is facing a protracted legal battle.

Federal guidelines enacted during the Obama administration set a target for automakers to deliver an average 54 miles per gallon by the 2026 model year. The Trump administration implemented a rollback last year that has since been tied up in federal court. It also ended the waiver granted the State of California to set even tougher carbon emissions standards.

While a number of automakers backed the Trump move, others formed a coalition with the California Air Resources Board, or CARB, creating a compromise rule that many observers expect to serve as a model for what the Biden EPA ultimately announces. The administration is believed to be seeking some sort of compromise that could win support from both the environmental community and the auto industry — as did the original Obama-era guidelines.

For his part, Regan said he believes in “consensus building.”

Seeking compromise and consensus

“We are heavily engaged with the business community. We are heavily engaged with the labor community,” Regan said in his interview. “It’s a false option to choose between economic development and prosperity and environmental protection.”

President Joe Biden has been facing pressure to reduce emissions since he declared his intention to run for president. It’s ramped up since taking office.

California has long had the ability to set its own standards for traditionally defined automotive pollutants, such as carbon monoxide and oxides of nitrogen. These have typically been tougher than the federal standards. Under Obama, however, the state received a waiver allowing it to set carbon emissions mandates, as well. Carbon dioxide output is directly related to fuel consumption, so, the rule provided a back-door method for CARB to set stricter mileage targets.

And 13 other states adopted the tougher California rules, meaning higher fuel economy standards for about 40% of the U.S. population.

Outright ban on ICE vehicles under study

California took things a next step when, last year, Governor Gavin Newsom signed an executive order banning the sale of new vehicles using internal combustion engines after 2035. New Jersey followed with a similar order a few months later.

Pete Buttigieg, Biden’s new Transportation secretary, took a cautious position during confirmation hearings when asked about whether a similar federal ban could follow. For his part, EPA Chief Regan left that possibility open.

California Governor Gavin Newsome signs the order for a ban the sale of gas-powered cars by 2035 on the hood of a Mustang Mach-E.

“We’re taking a strong look at what the science is urging us to do. We’re looking at where technologies are,” Regan said. “We’re marrying our regulatory policy and what we have the statutory authority to do with where the science directs us and where the markets and technology are.”

Taking politics out of science

Regan, like Buttigieg and new Energy Secretary Jennifer Granholm, have collectively emphasized the need to set federal guidelines that are based on science, critics saying their Trump administration predecessors frequently focused on rulemaking-as-politics, or as a way to curry favor with their boss, President Trump.

Tailpipe emissions and fuel economy rules could be two of the highest-profile issues Regan will deal with during his time at the EPA. But the agency is “laser focused” on another transportation-related issue: the release of greenhouse gases, like methane from oil and natural gas wells and pipelines.

Those and other steps are believed critical for the U.S. to meet its global warming commitments as Biden brings the country back into the Paris Climate Agreement.

“EPA,” said Regan, “has a critical role to play in delivering on President Biden’s aggressive climate agenda to achieve a carbon-pollution-free power sector by 2035 and put the United States on path to a net-zero economy by 2050.”

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GM Looking to Grow its Finance Arm’s Capabilities

November 27, 2020 admin

GM is reportedly looking to apply for a banking charter for its financing unit, GM Financial.

General Motors has been generating plenty of attention for its plans to shift to battery-electric vehicle production; however, the auto company has also been looking to get back into some old businesses too, namely banking.

It’s an oversimplification, but the Wall Street Journal reported today that GM’s captive financing unit, General Motors Financial Company Inc. is seeking to apply for a banking charter. The move would allow the company to accept deposits — like a bank. The move is part of a strategy allowing it to form an industrial loan company.

The specialized charter gives a company the ability to own a commercial firm and banks — typically a no-no with a traditional banking license, the newspaper noted. GM has done this before with its GMAC unit, which not only offered auto loans, but also home mortgages and other types of lending options.

(GM financial arm strengthens loan portfolio.)

GM’s financing arm, GM Financial, has contributed to the auto company’s bottom line in growing amounts of significance during the past decade.

That could occur as early as next month, according to sources cited by the WSJ. The company has been nosing around the subject with federal and state regulators for several months. The Federal Deposit Insurance Corp. and Utah Department of Financial Institutions are reportedly on board with this.

GMAC nearly failed during the Great Recession in 2008 due to subprime mortgages. The government bailed the unit it out and it was renamed Ally Financial, and GM eventually sold its stake in 2013. Ally Financial currently offers auto loans for several automakers, including Fiat Chrysler and Hyundai, as well as offering online banking resources.

According to WSJ sources, this would not be round two of GMAC, rather the deposits would be used to help with the automotive loan business. It would essentially act as a low-cost form of capital for those auto loans. Currently, the unit has to issue debt in order to provide financing for its customers. It’s possible the newly chartered unit would offer high-yield savings accounts as well as other deposit-based accounts to consumers.

(Treasury adds capital to GMAC Financial Services.)

GM isn’t alone in offering financing to potential buyers. In fact, it’s often part of the marketing push to draw customers into dealerships by advertising low rates on new car loans and leases. It gives dealers a chance to secure sales to buyers with less-than-ideal credit scores.

The move to accept deposits would give GM Financial a low-cost form of capital for auto loans.

In the case of GM Financial, it’s added some green to the company’s bottom line. It generated $14.5 billion in 2019, accounting for 10.6% of GM’s overall revenue, WSJ noted. In 2010, the unit’s revenue was less than 1% of auto company’s revenue while it rose to 4.2% in 2015.

Getting the industrial loan company structure in place wouldn’t make it unique in the auto industry, the newspaper noted. Toyota Motor Co. and BMW AG employ similar units to not only offer auto financing, but home mortgages and credit cards. What is different is that few companies have attempted to get back into that business since the 2008 banking collapse.

(GM delivers $4B in Q3 earnings as auto market rebounds.)

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New Recalls, Class Action Lawsuit, Add to Tesla Quality Woes, Raise New Questions About Long-Term

November 25, 2020 admin

Tesla continues to be plagued by quality issues across all four of its vehicles.

Nearly 10,000 Tesla Model X and Model Y SUVs are being recalled for a series of safety-related defects underscoring the automaker’s ongoing problems with quality and reliability.

Tesla has faced an array of issues affecting its four product lines, ranging from defective paint to faulty suspension systems and failing touchscreens used to control vehicle operations. Federal safety regulators recently launched a probe into one of the problems, while Consumer Reports and J.D. Power have slammed Tesla for having some of the worst quality and reliability in the industry. The automaker was also hit with a class-action lawsuit alleging a quality cover-up on Friday.

Those problems have largely been ignored by Wall Street, however, Tesla’s market capitalization now topping $525 billion, or about the same as Toyota, Volkswagen, General Motors, Nissan, Honda and Daimler combined.

(Mazda tops annual Consumer Reports reliability study, Tesla slammed.)

Tesla has been battling a problem with its touchscreens going blank, making it impossible access many functions.

For the moment, at least, Tesla owners have been reasonably forgiving, said Stephanie Brinley, principal auto analyst with IHS Markit, reflecting an early adopter mindset. But, longer term, Brinley said “Tesla is at risk.” The company “needs to get quality and recalls under control.”

Tesla has faced problems with quality from Day One. While Consumer Reports initially called the automaker’s first volume product, the Model S, the best vehicle it ever tested it quickly withdrew its coveted “Recommended Buy” endorsement due to serious quality issues.

In the annual Consumer Reports Automotive Reliability Study released last week, Tesla ranked second to last among 26 brands. Some of the problems were high-tech, such as faltering touchscreens, but others were much more basic, such as ill-fitting body panels, paint defects and seats not properly attached.

“A focus on the basics would help them a lot,” said the influential magazine’s auto testing chief Jake Fisher. Tesla continues to struggle with problems, he said, that “other automakers worked out 50 years ago.”

Tesla’s problems with fit-and-finish have been so common, and occasionally so severe that one new owner last month had the roof of his new Model Y fly off as he drove home from the showroom last month.

The Model X and its gull-wing doors have been one of the bigger quality problems plaguing the ute.

Each of the automaker’s four product lines appear to have its own unique – and ongoing – issues. With the Model X, for example, that includes “Falcon Wing” doors that can’t close properly. The Model Y has similar problems with its hatchback, according to Fisher, along with rear seats that have been improperly mounted.

Some issues stretch across the entire Tesla line-up, notably problems with paint and body trim. And then there are the faulty touchscreens.

Earlier this year, the National Highway Traffic Safety Administration began probing reports that the automaker’s touchscreens, especially those on older Model S sedans and Model X SUVs, would suddenly start to malfunction and even “brick,’ or go completely dead, unexpectedly. The issue appears to be related to a faulty eMMC, or embedded Multi-Media Memory Card. Though the issue has been widely reported on Tesla owner forums, the company only acknowledged it publicly this month, announcing plans to make free repairs.

“This malfunction may result in a blank or intermittently blank touchscreen but will not impact the ability to drive your car,” the automaker said in a note to impacted owners.

(NHTSA expands probe into Tesla touchscreen issue.)

But the statement isn’t entirely accurate, according to Fisher. While the vehicles won’t shut down, he explained during an online meeting with the Automotive Press Association, a driver won’t be able to operate many vehicle functions, since the screen replaces most traditional buttons and knobs. And motorists won’t be able to see how fast they are going or even be sure what gear they are in.

There are reports of problems with the lift gate on the Model Y.

Tesla’s latest safety recalls are relatively minor in terms of the numbers. NHTSA today said the larger one covers 9,136 Model X SUVs from the 2016 model-year. They have roof trim that may not have been properly adhered and which could fly off while being driven, striking other vehicles or pedestrians.

The second recall covers just 401 of the new Model Y SUVs. Bolts connecting the front upper control arm and steering knuckle may not have been properly assembled. They could detach and cause a loss of control.

Separately, a new class-action lawsuit filed in federal court in California last Friday claims Tesla has covered up suspension issues on older Models S and X vehicles. “Tesla is gambling with the lives and safety of hundreds of thousands of additional drivers and passengers whose vehicles suspension parts [are] at an imminent risk of failure,” the lawsuit stated, adding that the automaker has recalled most of those models sold in China for the same defect.

Time and again, Tesla has been hammered for quality and reliability problems. The automaker has limited access to the data normally used by J.D. Power to assess out-of-the-factory problems. Until this year, the research firm left Tesla out of its widely followed Initial Quality Study. This year, however, it decided to use what information it could track down and, though the results were marked with an asterisk, it came in dead last – and by a wide margin, according to Power’s auto research chief Dave Sargent.

Complicating matters, Tesla operates in a hodgepodge of states and vehicles often have to be trucked long distances in order to undergo repairs. Tesla forums are filled with reports of lengthy waits for parts and service.

Tesla is by no means the only automaker with quality problems. Ford’s Lincoln division fared even worse in this year’s Consumer Reports Auto Reliability Study, and research chief Fisher noted there were problems plaguing several other battery-car models. But while “there are a couple of EVs that gave us pause, there were many other very good models.”

Tesla’s production problems have been well documented. One observer suggested the company would be well served to focus on the basics.

Until recently, Tesla had the market pretty much all to itself, at least in terms of long-range battery-electric vehicles. But there’s a tsunami of new models coming from manufacturers as diverse as Ford, Hyundai, Volkswagen, General Motors, BMW and Mercedes-Benz.

In China, the Wuling Mini, produced by a GM joint venture, recently displaced Tesla as the country’s best-selling EV. The California company has also been losing ground in several key European markets, though it remains, by a wide margin, the best-selling EV brand in North America.

(Tesla Model Y hammered by quality issues.)

“Consumers are often forgiving” when they have to get repairs, “as long as they feel they’re taken care of,” said analyst Brinley. That’s especially true, she added, for early adopters, many Tesla owners feeling an almost cult-like devotion to the brand. But with more competition coming, and with no sign Tesla has yet begun to get its quality and reliability issues under control, she and other analysts warn that could pose problems going forward.

Nikola Stock Price Slides after CEO Spurs Speculation about GM Deal

October 17, 2020 admin

GM was set to build the the Nikola Badger on its own platform, using its Ultium batteries in the original $2 billion deal with the EV maker.

Nikola Motors stock took another hit Friday after its CEO inadvertently suggested in an interview that a deal with General Motors may not come to pass.

The much-maligned EV maker’s stock slid 15%, closing the day at $19.54 after opening at $22.97. Investors expressed concerns with their cash after CEO Mark Russell told Bloomberg Thursday that the EV startup would carry on solo if it couldn’t come to terms on a deal with GM.

The two sides announced a $2 billion deal Sept. 8 calling for them to work together on hydrogen fuel-cell and battery-electric technology. The partnership would also have GM build Nikola’s new electric truck, the Badger, using the same platform it’s using for the coming GMC Hummer electric pickup while receiving 11% stake in the company.

(Nikola trying to salvage its reputation on Wall Street.)

Nikola CEO Mark Russell said the company was ready to go it alone in an interview. The stock price fell 15% afterward.

The deal was expected to close by the end of September, although according to filings with the Security and Exchange Commission said the formal date for closing the deal is Dec. 3. However, a series of issues came up almost immediately after the partnership was announced, complicating the talks and pushing them pack the preliminary end date of Sept. 30.

Russell fanned the flames of doubt in the Thursday interview, revealing Nikola had a “base plan” if the deal with GM falls through. “If we have a partner,” he added, “that just enables us to consider going faster and helps reduce the risk.”

He added that the two sides are indeed talking, trying to find a way to resolve the fact that it appears that GM isn’t getting exactly what it expected in Nikola. Part of that is the benefit of building Nikola’s Badger pickup.

“The Badger is part of our discussions with GM. And we’ve been clear all along that we wouldn’t build a Badger without an OEM partner,” Russell said.

(GM takes foot off accelerator in talks with Nikola as controversy swirls.)

The Detroit automaker agreed to provide its hydrogen and battery technology to the startup — and also to build the Badger for Nikola using the same platform developed for its own battery pickup, the GMC Hummer. That would create a new market for GM technology and increase the capacity utilization at what is believed to be the Detroit-Hamtramck Assembly Plant.

GM’s largely been quiet about the status of the deal, but insiders told TheDetroitBureau.com late last month that “there is no panic,” and that they still see a significant “upside potential.” One issue the two sides will need to resolve is the value of the ownership stake now. The Phoenix-based company’s stock price has fallen by more than half since it reached a high of $50.05 — the day it announced the deal with the Detroit-based automaker.

Analysts have suggested that problem can be resolved by growing the size of the stake, and reports have claim that’s one of the talking points in the ongoing negotiations between the two sides.

The stock price slide began after short seller Hindenburg Research released a study claiming Nikola was based on “intricate fraud built on dozen of lies” perpetrated by the company’s founder and chairman. That quickly triggered the SEC probe and led to the decision by Milton to resign Sept. 21.

(GM forges $2B deal with Nikola to build trucks, develop new electric and fuel-cell technology.)

Further complicating matters, two women now have filed sexual assault charges in Utah against Milton, both claiming they were 15 at the time of the assaults. One, a cousin named Aubrey Ferrin Smith, said the assault occurred in 1999 when Milton was 17.

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