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Expand chart
Data: FactSet; Chart: Axios Visuals

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

Go deeper

Ben Geman, author of Generate
Nov 22, 2019 - Technology

Tesla ushers in the electric pickup moment

Photo: Tesla

Tesla unveiled its futuristic "Cybertruck" at an L.A. event on Thursday that was heavy on light shows, yet analysts remain in the dark about the future of electric pickups — and Tesla's role in it.

Why it matters: The event was the splashiest sign yesterday that automakers are moving closer to bringing electric models to the huge pickup market.

China's crypto throwdown

Illustration: Sarah Grillo/Axios

China's latest move to ban cryptocurrency shows how tough it will be for the technology to deliver on its backers' vision of disruptive, decentralized change.

The big picture: Control of the currency is a foundation of sovereignty, and governments don't plan on losing that control even as money inevitably turns digital.

D.C. homicides fueled by rundown properties

Illustration: Sarah Grillo/Axios

Angela Washington was the last line of defense for residents at the Oak Hill Apartments in Southeast besieged by gun violence. Then, on the evening of Sept. 21, the 41-year-old special police officer was shot to death.

Why it matters: The District’s spike in gun violence is being linked partly to rundown properties that city officials and residents say have become magnets for criminal activity.