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Nikola Corp., a high-flying electric truck startup until just days ago, has come back down to earth but somehow hasn't crashed — at least not yet.

Driving the news: Founder and executive chairman Trevor Milton quit Monday amid reported federal probes of allegations that he lied about Nikola's tech and progress.

Why it matters: The tumult sent the stock price tumbling, and revealed the jeopardy facing the startup with almost zero revenue or commercial production but a big dollar market value largely based on expectations.

The intrigue: So far, Nikola's big corporate partners are standing by them. GM said its deal with Nikola — which includes an 11% stake, building its Badger pickup and supplying tech for its semitrucks — is intact.

  • And remember GM has some connections to Nikola. Steve Girsky, a former GM exec who is on Nikola's board, has stepped into Milton's shoes in the top slot.

What they're saying: "We will work with Nikola to close the transaction we announced nearly two weeks ago to seize the growth opportunities in broader markets with our hydrotec fuel cell and ultium battery systems, and to engineer and build the Nikola Badger," GM said.

  • The waste company Republic Services, which has ordered 2,500 electric garbage trucks from Nikola, said it will "continue to work with Nikola and our other suppliers to develop electric recycling and waste collection vehicles."
  • Anheuser-Busch, which announced an order for hundreds of big trucks in 2018, has not publicly backed away. They did not respond to an inquiry Monday.

Go deeper: GM's eyes are wide open on Nikola partnership

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Tesla continues longest profitability streak in company history

A Model 3 on display in a Tesla showroom in Beijing. (Photo: VCG/VCG via Getty Images)

Tesla reported its fifth consecutive quarter of profitability — raking in $331 million, the most money since the run began — alongside a record number of deliveries of its electric cars.

Why it matters: Tesla has become the world's most valuable automaker. It's on the longest money-making streak in company history, despite disruptions from the COVID-19 pandemic.

Dave Lawler, author of World
27 mins ago - World

U.S.-brokered ceasefire collapses in Nagorno-Karabakh

Volunteer fighters in Stepanakert, the capital of Nagorno-Karabakh. Photo: Aris Messinis/AFP via Getty Images

A U.S.-brokered ceasefire between Armenia and Azerbaijan in the disputed territory of Nagorno-Karabakh crumbled within hours on Monday, leaving the month-old war rumbling on.

Why it matters: Nearly 5,000 people have been killed, according to Vladimir Putin’s rough estimate, including more than 100 civilians. Between 70,000 and 100,000 more are believed to have fled the fighting.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: The swing states where the pandemic is raging — Pence no longer expected to attend Barrett confirmation vote after COVID exposure.
  2. Health: 13 states set single-day case records last week — U.S. reports over 80,000 new cases for second consecutive day.
  3. Business: Where stimulus is needed most.
  4. Education: The dangerous instability of school re-openings.
  5. World: Restrictions grow across Europe.
  6. Media: Fox News president and several hosts advised to quarantine.