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Photo: Rafael Henrique/SOPA Images/LightRocket via Getty Images)

The electric and fuel cell truck startup Nikola is increasingly under the microscope following a short-seller's allegations that it made false statements about its tech and planned products.

Driving the news: The Financial Times reported Tuesday that the Justice Department is "making inquiries" following last week's claims by Hindenburg Research.

  • The Wall Street Journal confirmed the report about inquiries from the U.S. Attorney’s Office for the Southern District of New York.
  • The news follows revelations of a SEC inquiry into the Hindenburg report that called Nikola an "intricate fraud." Nikola disputes the findings.

Catch up quick: The turmoil comes on the heels of the Sept. 8 announcement that GM is taking an 11% stake in Nikola, will engineer and manufacture its Badger pickup, and supply tech for that product and its planned semitrucks.

Why it matters: The controversy comes at a time of growing investor interest in EV startups and corporate partnerships with legacy automakers.

Go deeper: Hear what Nikola's troubles mean for GM on the latest "Axios Re:Cap" podcast.

Go deeper

Ben Geman, author of Generate
Oct 21, 2020 - Economy & Business

GM dives full-throttle into electric

GMC Hummer EV. Photo courtesy of General Motors

What has LeBron James as a pitchman, some slightly awkward promotional phrasing ("watts to freedom"), and a six-figure starting price? The electric GMC Hummer.

Driving the news: General Motors unveiled the vehicle — a reborn version of the deceased mega-guzzler — with a highly produced rollout Tuesday night that included a World Series spot. The company also began taking reservations.

Texas Republicans pass new congressional maps in their favor

Photo: Matthew Busch/Bloomberg via Getty Images

The Texas House voted 84-59 late Monday to approve new congressional district maps that reduce the number of districts with Black and Hispanic majorities, per the Texas Tribune.

Why it matters: The legislation comes after recent census figures found Texas' growing diverse population doesn't bode well for Republicans, who then worked to protect incumbents with the redrawn maps.

2 hours ago - World

North Korea's military fires another ballistic missile into sea

A woman in Seoul, South Korea, walks past a television image if North Korean leader Kim Jong-un. Photo: Jung Yeon-je/AFP via Getty Images

North Korea's military fired at least one ballistic missile into the sea off its east coast on Tuesday, per multiple reports.

Why it matters: Pyongyang's latest in a series of recent missile launches happened hours after U.S. officials emphasized their commitment to restart negotiations on North Korea's nuclear weapons program, which have stalled since talks broke down during the Trump administration, AP notes.