Back in September of 2019, Bosch and Hanwha announced they were jointly investing in electric vehicle startup Nikola. They pooled around $230-million together, or around $100-million each, but now Hanwha is looking to liquidate some 50 percent of its shares (11.05-million shares, to be precise) which should fetch around $170-million at current prices.
Interestingly, just three months ago, the other big investor, Bosch, also reduced its stake in Nikola following blows dealt to the company’s image by Nathan Anderson, the founder of Hindenburg Research (who accused Nikola of committing fraud). Bosch sold 4-million shares, but it still owns 19-million of them, or almost 5 percent of the entirety of Nikola stock.
According to an official statement from Nikola, quoted by Bloomberg, even though Hanwha is looking to dump half its stocks, the Korean business conglomerate still
Remains an important strategic partner and continues to play an active role on Nikola’s board of directors.
Hanwha wants to begin selling its shares starting June 9 until December 10, and it’s not yet sure if will sell exactly 50 percent as stated, or fewer. The Korean conglomerate has business in the financial, chemical and solar energy fields and its publicly traded arm is called Hanwha Corp.
General Motors is also involved with Nikola, and the plan was for it to build the Nikola Badger electric pickup. However, that part of the deal has fallen through, and all Badger reservation holders are going to be fully refunded. GM may still provide its Ultium batteries to Nikola, as well as its Hydrotec fuel cell technology that could be used in Class 7 and Class 8 trucks.