Nikola stock plunges as company cancels Badger pickup truck

Things keep going downhill for aspiring hydrogen truck maker Nikola.

Nikola’s stock plunged on Monday morning as the company announced that a previously announced deal with General Motors was not going to close. Instead, the two companies signed a “non-binding memorandum of understanding” related to the use of GM’s hydrogen fuel cell technology in Nikola’s future semi trucks. GM will not take a stake in Nikola as originally planed.

Nikola’s stock is down 26 percent as I write this on Monday morning. The stock is down 58 percent since September 8, the day Nikola originally announced the GM deal.