Rendering of the Nikola Badger electric pickup which GM will help engineer as part of a partnership with Nikola Corp. announced Sept. 8, 2020. (Photo: Courtesy/Nikola Corp.)

The stock of both Nikola Corp. and General Motors spiked Wednesday on rumors the two had finally signed a deal where GM would make the Nikola Badger heavy-duty electric pickup using its Ultium battery technology and be the exclusive supplier of Hydrotec fuel cells for the truck.

In return, GM would get an equity stake in Nikola and other benefits of scale to save it billions in costs.

Around noon, Nikola stock was up 14.36% to $25.19, after spiking as much as 18% earlier. GM’s stock price was up 4.24% to $43.76. 

But both GM and Nikola spokespeople say there is nothing new to report about a pending deal.

Anticipation of news

The rumor got started when “apparently, someone saw something on