What Happened

“Trevor has immense respect for Hyundai and views Hyundai amongst the leaders in hydrogen around the world.” Nicole Rose said in an emailed statement to Reuters, confirming Milton’s intent to work with Hyundai. 

“Trevor has, and will continue to be, open to collaborate if they ever choose to do so,” the Nikola spokesperson added.

The two automakers are not in talks as of now, according to an unnamed source of Reuters, who said, “If Nikola makes an official offer, Hyundai can consider the proposal.”

Why It Matters

Milton had told local Korean media on Sunday that he intended to cooperate with Hyundai, but the veteran automaker rejected his proposals twice.  

Hyundai and Toyota Motor Corp (NYSE:TM) are amongst the few companies betting on hydrogen technology, noted Reuters.

The South Korean auto giant wants to sell its hydrogen systems to other companies, but since Nikola is a potential competitor to its commercial truck business, it would be a “complicated relationship,” a Reuters source said. Hyundai is reportedly already partnering with Volkswagen AG (OTC:VWAGY) unit Audi. 

Price Action 

Nikola shares closed 4.16% higher at $42.81 on Wednesday and fell nearly 0.4% in the after-hours session. Hyundai OTC shares closed nearly 0.3% higher at $37 on the same day. 

Photo courtesy: Nikola Corporation