General Motors Co. will no longer take an equity stake in electric-truck maker Nikola Corp. under a stripped-down agreement revealed Monday, a significant retrenchment from an earlier pact that fueled investor enthusiasm for both companies.
Under the revised deal, GM still intends to provide Nikola with fuel-cell technology but it has nixed plans to take an 11% stake in the Phoenix-based startup in exchange for supplying engineering work and other services.
The…
This post first appeared on wsj.com
