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Nikola and Republic Services terminate partnership on garbage trucks

December 23, 2020

Via: CNBC

Nikola shares slid 9% Wednesday after the company announced that it has terminated its partnership with Republic Services to jointly develop electric garbage trucks.

Nikola said the decision was made after both companies “determined that the combination of the various new technologies and design concepts would result in longer than expected development time, and unexpected costs.”

“This was the right decision for both companies given the resources and investments required,” Nikola CEO Mark Russell said in a statement. “We support and respect Republic Services’ commitment to achieving environmentally responsible, sustainable solutions for their customers.”

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