Nikola (NKLA) Enters Supply Deal with LG; Offers Resolution to Government-Led Probe
Nikola Corp (NASDAQ: NKLA) released its 3rd quarter earnings report on Thursday. According to the report, the company has entered a long-term battery supply deal with LG Energy Solution Ltd., a leading South Korean battery maker.
LG Energy has agreed to provide battery cells to Nikola from 2022 through 2029. Details, including the volume of battery cells and the deal’s value, weren’t disclosed.
On Thursday, Nikola also said it has been engaged in discussions regarding a resolution to a government-led probe that follows recent allegations that the company’s former chairman, Trevor Milton, misled investors about its technology and products to inflate the company's stock price. Milton was charged with fraud and has since stepped down. If approved, the resolution would include a $125 million civil penalty paid in installments over two years.
Also in its earnings report, the company said it plans to have its Tre Bev electric heavy-duty truck ready for public road release by December.
By Michael Elkins | [email protected]