It is the end of a series of catastrophic episodes for Nikola Motors, pinned since last September by the investment company Hindenburg Research. After three months of doubts about the acquisition of General Motors’ stake in the capital of the American startup, the outcome has come down, four days in advance. The American manufacturer has withdrawn, and the 11% of Nikola Motors will not be sold to it.

Instead, a “potential deal” was signed between the two companies, for a supply of fuel cell systems from General Motors to Nikola. Nothing is yet final once again, so much the future of Nikola has been strongly weakened. Since September and its series of misadventures, its stock price has risen from $ 50 to $ 20, for a current capitalization of only $ 8 billion (Tesla weighs $ 558 billion).

This new version of the agreement between Nikola and General Motors is no longer rewarding for the startup. She who works on electric pick-ups and hydrogen trucks will have to put aside her pick-up project marketed under the GM logo and imagine a hydrogen truck where Nikola will not have independence in technology.

The story of a fall

As a reminder, on September 8, the publication of the loss-making seller Hindenburg Research highlighted “A complex fraud based on dozens of lies”. At that time, Nikola was still very young on the stock market, and had just shone with the announcement of a merger with General Motors, in the amount of $ 2 billion.

Hindenburg Research’s announcement did not completely wipe out Nikola as his shareholders doubted the well-founded nature of the criticism of the seller known to profit from the decline in stock market prices. But a few days later, Nikola Motors responded to criticism by admitting timidly to the lack of precision in the progress of the development of its technologies.

On October 19, Lemon squeezer posted a detailed reminder of Nikola’s three-month nightmare story. In bad luck, its price lost 25% on Monday morning, following the withdrawal of General Motors. The full history of this fall can be found here. And for the rest, Nikola’s course on the NASDAQ will be one to watch. Because if the firm wants to continue to exist, it may then be necessary to think of a new chapter, a new beginning.