Nikola, a new upstart in electric trucks, is riding a roller coaster this year. Successful completion of backdoor listing and playing in the capital market, they recently went to heaven and then to hell. After the successful IPO in the middle of this year, the market value of Nikola soared to $12 billion on the first day of trading. Just when most people thought that Nikola’s share price might stay unchanged for a long time, they had a “small universe explosion”. < / P > < p > on the third day of trading, Nikola’s share price had successfully doubled (US $73.27, with a market value of US $26.4 billion). Ten days after its launch, Nikola surpassed Ford in market value. < / P > < p > on September 8, Nikola released a big message that they would join hands to design and manufacture electric pickup trucks. In the future, GM’s battery and fuel cell technologies will enter Nikola’s supply system. < / P > < p > in exchange, Nikola will grant GM $2 billion worth of shares (11%). What’s more, the cooperation lasted 10 years. < / P > < p > stimulated by the news, Nikola’s share price soared 41% that Tuesday, and even GM’s share price rose by 6%, while Tesla’s share price plummeted by 17% on the same day (of course, the slump may not be related to Nikola’s joint venture with GM). In a conference call, Nikola founder and CEO Trevor Milton, who at that time ranked 249 on the Forbes rich list, said: “this is the heaviest news since Nikola was founded, and it’s really exciting that GM will enable Nikola to achieve goals never imagined.” < / P > < p > for GM, this is also a good opportunity for GM to expand its battery and fuel cell technology and go commercial as soon as possible. Unlike Tesla, Nikola is willing to establish extensive cooperation with other manufacturers in the industry. Prior to GM, they also had Bosch, Iveco, Nel hydrogen and Hanhua, a solar panel manufacturer, on their list of partners. < / P > < p > it is estimated that the value of GE’s entry to Nikola is as high as $4 billion. Their Baji pickup is expected to be mass produced in 2022, and GM’s strong production capacity is an important guarantee for the model to land on time. < / P > < p > as part of the agreement, Nikola’s green points from the sale of zero emission vehicles will be given to GM free of charge (for 10 years). It should be noted that the reselling of environmental protection points can bring Tesla hundreds of millions of dollars in revenue every year. < / P > < p > it’s not surprising to find a general OEM pickup truck, but it’s a bit unexpected for Nikola to accept the general battery system completely. Last year, they also announced that the battery technology developed by themselves will make a great breakthrough, and the self-developed technology is the real “moat” of Nikola. < / P > < p > at the time, the founder said that all functions of the giant hydrogen fuel cell vehicle were basically developed. In other words, it’s not a simple car shell. < / P > < p > on the stage, Milton also jokingly said, “we have to make a chain to tie the seat, otherwise the audience is too excited to get on and drive, and it’s not good to have safety problems because the car has been fully functional. Isn’t it incredible?” < / P > < p > because in 2017, Nikola employees said in their SMS Chat that they had never touched the prototype car in the months after the press conference, and they didn’t know how much work they had to do to make it move. < / P > < p > What’s more, Hindenburg research claims that the iconic Nikola one in that video is a huge scam, because it’s not the motor that drives it. < / P > < p > Nikola hauls the truck straight up a hill and lets it slide down a two mile long ramp by gravity. In order to make the video look more authentic, Nikola also tilted the camera during shooting. On September 14, Nikola officials finally responded. After a few symbolic rebuttals, they politely acknowledge that Hindenburg research’s revelations about Nikola one are true. Nikola pointed out that the gearbox, battery, inverter, power steering and some components of the car were developed at the press conference at the end of 2016. However, whether hydrogen fuel cell and motor are feasible or not, Nikola skilfully avoided. < / P > < p > their explanations are also very simple. Nikola began to focus on the new model of Nikola two, and had no resources to invest in driving Nikola one. In response to the bluff video, Nikola said, “the company never claimed that the car in the video was driven by its own power, and the investors at that time were not kept in the dark.” In response to the article, Nikola also said that the SEC had been informed of these matters in advance and welcomed the SEC’s in-depth investigation into the issue. After admitting to his black history, Nikola says let bygones be bygones. It didn’t matter whether Nikola one could run on its own at that time, because its successor, Nikola two, could actually run now. Now, nikolp and nikolp have got the financing from nikolp, which means that nikolp and nikolp are helping the company to get financing. < / P > < p > < p > to put it bluntly, if products like Nikola two and Baji pickup truck can be successful in the future, no one cares whether Nikola one is a shell. However, I’m afraid Milton’s obvious lying behavior is sad for investors. Everyone can’t help but suspect that Nikola two is also a shell? Especially after Nikola announced that he would borrow general technology. For a listed company, such a scale of fraud is indeed appalling. < / P > < p > one of their important selling points is the cheap fuel cell system. Relying on the technology of other companies can not support the future development of Nikola. < / P > < p > as for the hydrogen refueling station network (benchmarking Tesla super charging station) publicized by Nikola, I am afraid it will also be widely questioned with the exposure of the lie. < / P > < p > “Nikola is now a story telling stock, and the future depends on whether the heavy truck will land in 2023.” Daniel ives, an analyst at wedbush securities, wrote in a research note. < / P > < p > “if Milton and his team can successfully build the alisona plant, get prototypes running (BAGI pickup and Nikola two), build hydrogenation and charging networks, and address mass production, delivery and profitability issues, then there are opportunities for them.” Ives said. “But they will be busy in the next 12-18 months.” < p > < p > on Monday, GM CEO Mary Barra said the company was still on Nikola’s side and would continue to help them mass produce BAGI pickups. “Nikola has a lot of partners and our team has contributed a lot.” Barra said at the meeting. < / P > < p > because the risk is small for GM, the auto giant didn’t spend a cent on Nikola. On the contrary, they took $2 billion of shares before they worked (they could be sold in 2025), and Nikola would have to pay GM for the equipment after mass production. < / P > < p > of course, GM can also sell the ultium battery system to Nikola, and their hydro Tec fuel cell technology also enjoys a four-year exclusive period on Nikola heavy trucks. < / P > < p > given that these technologies are what GM has been doing, why not borrow other people’s money to develop them? Even if Nikola fails in the next year or two, GM will be able to accumulate technology and experience, and even get production equipment to build its own electric pickup. < / P > < p > in addition, the baki pickup will also carry the Nikola logo, and GM will not have to worry about sales and after-sales service, so it will not affect GM’s reputation. < / P > < p > of course, the SEC will not let go of this big loophole, and they have begun to investigate. Under the internal and external difficulties, Nikola’s founder and CEO chose to resign. Stephen Girsky, one of Nikola’s directors and former GM vice chairman, will take over as chairman. The news led to Nikola’s share price plummeting 30% after the Nasdaq market opened. Although it rose slightly at the end of the day, it still closed down 19% in the end. < / P > < p > as part of his resignation agreement, Milton relinquished the 4.86 million shares of the company he acquired on August 21, 2020, and no longer accepts a two-year consulting agreement with the company that allows him to earn $10 million a year. < / P > < p > just as the Nikola fraud got hotter and louder, Daimler, a veteran of the truck industry, stepped in. With decades of experience in hydrogen fuel cell technology, they announced that they were also developing a new generation of electric heavy trucks with a range of more than 600 miles (1000 kilometers). < / P > < p > the German giant recently demonstrated the concept truck named genh2 in Berlin, which is expected to be delivered to customers for testing in 2023 and to be put into mass production after 2025. In addition to genh2, which is responsible for long-distance transportation, Daimler also released the eactros, which mainly focuses on short and medium-distance transportation. When fully charged, it can reach 300 miles (500 kilometers). The model will be officially produced in 2024. < / P > < p > the combination of hydrogen fuel cell and pure electric drive mode (Nikola also takes this technical route) is to provide users with more choices. In general, pure electric is more suitable for short distance and light-weight transportation, while fuel cell is the best choice for long-distance heavy truck (the vehicle is lighter without carrying so many batteries). < / P > < p > it should be noted that Daimler’s genh2 uses liquid hydrogen fuel, and its energy density is higher, lighter and cheaper. Therefore, the vehicle’s loading space, cargo carrying capacity and endurance will be improved accordingly. Global Tech