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Iveco to purchase joint venture with Nikola on electric, hydrogen trucks

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Iveco is set to loosen ties with U.S. start-up Nikola as it said it was purchasing the full ownership of their joint venture which develops battery electric and fuel cell heavy-duty trucks.

Iveco said in a statement the deal announced on Tuesday would produce a 44-million-euro one-off impact on its first-quarter income statement that it expected to absorb through cash flowShares of Iveco trimmed earlier losses and were down 0.9% by 1115 GMT. Nikola shares were up 3.6% in U.S. premarket trading on Nasdaq.

As part of the agreement, Iveco will focus on Europe for the further development and commercialisation of its own battery electric and fuel cell electric trucks, while Nikola will concentrate its operations in North America, the two groups said in a joint statement. The two companies will continue to share and develop certain common technologies, while Iveco will remain an important partner and key supplier to Nikola, they added.

Iveco's overall investment, through available liquidity, will be partly in cash, for $35 million, and partly handing back to Nikola 20 million of the U.S. company's shares, part of the stake Iveco holds. Iveco will retain five million Nikola shares after the deal, a source close to the matter told Reuters.

 

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