Nikola Hits the Brakes on Deal With Republic Services

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Four months ago, investors heralded the deal that Nikola (NASDAQ: NKLA) had inked with Republic Services (NYSE: RSG) as an auspicious sign that the electric vehicle (EV) manufacturer’s future was bright. Now the deal is in the rearview mirror as Nikola announced today that it’s ending its partnership with Republic Services to build 2,500 battery-electric waste trucks.

Addressing the end of the collaboration, Nikola CEO Mark Russell said, “This was the right decision for both companies given the resources and investments required.” Russell also attempted to charge up investors’ hopes about the company’s resolve to drive ahead, adding, “Nikola remains laser-focused on delivering on our battery electric and fuel-cell electric commercial truck programs, and the energy infrastructure to support them.”

Image source: Getty Images.

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