OMG! Hyundai has no interest in Nikola Motors

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bwilson4web

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Source: https://www.autoblog.com/2020/08/13/nikola-hyundai-hydrogen-partnership/

SEOUL — U.S. electric truck maker Nikola said it was open to collaborating with Hyundai on hydrogen technology following a media report that it had reached out to the Korean automaker.
In an interview with South Korean newspaper Chosun Ilbo published on Sunday, Trevor Milton, founder of Nikola Corp, said he would like to cooperate with Hyundai. He said he had twice made proposals to Hyundai that were rejected.
. . .
"Trevor has immense respect for Hyundai and views Hyundai amongst the leaders in hydrogen around the world," Nikola spokeswoman Nicole Rose said in an emailed statement to Reuters.
"Trevor has, and will continue to be, open to collaborate if they ever choose to do so," Rose said. She did not address queries on whether Nikola had made proposals to Hyundai.
A person familiar with Hyundai said that there were no current cooperation talks. "If Nikola makes an official offer, Hyundai can consider the proposal," the person said.
He said Hyundai wants to sell its hydrogen systems to other automakers but, at the same time, Nikola could become a potential competitor to Hyundai's commercial truck business.

When Tesla was building their first Model S, there was a report that the release was delayed when a 'seat contractor' was delayed. When Nikola tries to out-source their products, they are paying someone else to develop something that may never show up on the loading dock. If it happens enough, the current investor money will 'evaporate'.

Bob Wilson
 

JasonF

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When are they going to indict this fraudster?
I think he has the tech, but has no interest in developing it. He came up with it solely to demonstrate it (fraudulently, apparently) and then sell it to the highest bidder and retire. All the publicity and noise is just to get a higher price, when someone puts in a winning bid, like "okay, I really didn't want to give up my dream, but you convinced me".
 

Needsdecaf

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Man I read the whole Hindenburg report, and Nikola's response. Reading between the lines, I lean way more toward the Hindenburg set of conclusions. I mean, when you admit you rolled the truck down the hill and basically said "well, we never specifically SAID it was running". Give me a break. I sure wouldn't want to be invested in that company.

Only thing I can say is that GM isn't that easily duped. But maybe they were.
 

JasonF

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I'm NEVER going to forgive GM for that. :mad:
GM is a "legacy automaker" in more ways than one.

One of their biggest issues with developing new tech is they have numbers people and execs who insist on using as much of the existing GM parts chain as possible for every single new model. So of course it's easiest for the engineers to design small iterations of the same thing, and keep those execs and numbers people happy.

Unfortunately with something like an EV, that's near impossible (the Bolt is an exception because it's built by Daewoo and Kia in Korea), so that's why we had GM until recently continually saying that EV's are not viable in the market. They're viable on the consumer side, just not for GM to build them. Tesla finally forced their hand, and a couple models are on the release list.
 

AutopilotFan

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Unfortunately with something like an EV, that's near impossible (the Bolt is an exception because it's built by Daewoo and Kia in Korea), so that's why we had GM until recently continually saying that EV's are not viable in the market. They're viable on the consumer side, just not for GM to build them. Tesla finally forced their hand, and a couple models are on the release list.
Even with the Bolt, GM is doing things to make them less viable on the consumer side. Explain to me why the Bolt doesn't have adaptive cruise control? It's got all the hardware for it. They put it on the VOLT in 2019, so it's not like they don't know how to code it. As far as I can tell, it doesn't even have automated emergency braking.
 

BluestarE3

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Man I read the whole Hindenburg report, and Nikola's response. Reading between the lines, I lean way more toward the Hindenburg set of conclusions. I mean, when you admit you rolled the truck down the hill and basically said "well, we never specifically SAID it was running". Give me a break. I sure wouldn't want to be invested in that company.
The report is definitely worth a read in its entirety. The news sites and YouTube videos only cover the most sensational examples of malfeasance by Milton and Nikola Motors (e.g., the gravity-driven truck). From the report, we can see that the man has had a long history of being a con artist and compulsive liar in all his previous business enterprises.
Only thing I can say is that GM isn't that easily duped. But maybe they were.
A lot of supposedly "smart" investors and even healthcare "experts" were duped by Theranos. GM didn't have to put up any money in this deal. They get to utilize their own technology and manufacturing capacity in return for $700M, an 11% stake in the company, at least 80% of the EV credits, and avoid responsibility for any service/warranty work on the Badger. GM gets instant street creds for being associated with an EV brand (à la Tesla) and can proudly proclaim, "Nikola Badger: Powered by GM". So, financially, on the off-chance the Badger does pan out (no matter how remote the possibility), it's a win for GM. On the other hand, even if they don't lose money if this deal collapses, it won't be a good reflection on GM, especially when their Chair vehemently defended the deal after the Hindenburg report (and the earlier one from Bloomberg) came out. So, they'll either come across as grossly naive or set themselves up to look like a party to (or enabler of) the scam. Neither of these looks good.
 
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Needsdecaf

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The report is definitely worth a read in its entirety. The news sites and YouTube videos only cover the most sensational examples of malfeasance by Milton and Nikola Motors (e.g., the gravity-driven truck). From the report, we can see that the man has had a long history of being a con artist and compulsive liar in all his previous business enterprises.

A lot of supposedly "smart" investors and even healthcare "experts" were duped by Theranos. GM didn't have to put up any money in this deal. They get to utilize their own technology and manufacturing capacity in return for $700M, an 11% stake in the company, at least 80% of the EV credits, and avoid responsibility for any service/warranty work on the Badger. GM gets instant street creds for being associated with an EV brand (à la Tesla) and can proudly proclaim, "Nikola Badger: Powered by GM". So, financially, on the off-chance the Badger does pan out (no matter how remote the possibility), it's a win for GM. On the other hand, even if they don't lose money if this deal collapses, it won't be a good reflection on GM, especially when their Chair vehemently defended the deal after the Hindenburg report (and the earlier one from Bloomberg) came out. So, they'll either come across as grossly naive or set themselves up to look like a party to (or enabler of) the scam. Neither of these looks good.
Yeah, I read the entire report. It presented a much stronger picture.

And I must say, this does not paint a very positive picture as to their legitimacy.....

Nikola shares crater after founder Trevor Milton resigns as executive chairman
 

JasonF

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#13
Even with the Bolt, GM is doing things to make them less viable on the consumer side. Explain to me why the Bolt doesn't have adaptive cruise control? It's got all the hardware for it. They put it on the VOLT in 2019, so it's not like they don't know how to code it. As far as I can tell, it doesn't even have automated emergency braking.
Because it was built by Daewoo and Kia in Korea, based on a Korean market model. There isn't much demand for things like adaptive cruise there.