Looks like Nikola may have been a scam:
GM gets an outlet for new electric trucks and keeps employees busy at it. It’s not clear that Nikola hoodwinked them. I don’t know what else they did, but just from the article, it seems like it could work out well for GM.
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“Scam” is a harsh word. I don’t think their business plan is a scam, but I do have serious questions about the viability of this business model. I also think the stock was grossly overvalued, and due for a major correction (and still needs to come down further).
It is, of course, difficult to make a profit selling vehicles that are built under license by someone else. Daewoo did not succeed, and they were building their own cars, but using engines and transmissions purchased from GM.