Nikola strategic partner Hanwha to sell 50% of EV startup stake

Nikola Corp could lose another strategic partner as South Korean solar energy provider Hanwha Group signaled its intention to liquidate half of its stake in the troubled electric-truck startup. — Bloomberg

Nikola Corp. is seeing another strategic partner sell down its stake as South Korea’s Hanwha Group signaled its intention to liquidate half of its holdings in the troubled electric-truck startup.

Hanwha, which Nikola has described as a key partner and strategic investor, plans to sell 11.05 million shares, or 50% of its current stake in the Phoenix-based company, according to a securities filing Wednesday. Hanwha Corp. is the publicly traded holding arm of the group, a conglomerate spanning financial services, chemical and solar energy.