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GM pulls planned backing from electric vehicle company
General Motors (GM) announced on Monday that it would not be buying into the electric vehicle company Nikola and it would be ending development of an electric and hydrogen powered vehicle. The two companies in September signed an agreement that would allow Nikola to use GM’s new electric truck underpinnings for its electric and hydrogen-powered pickup called the Badger in exchange for giving GM an 11 percent stake in the company.