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I read an article, over a year ago now, that said the GM deal was nothing but upside for GM

They got cash from Nikola whether they ended up manufacturing anything for them or not, and had to put up nothing up front.

Reputational hit from propping up literal fraud. Opportunity cost from not partnering with better companies in the space.

GM’s reputation is trash with anyone but patriotic “GM/Chevy” Americans already.

So long as the public are willing to believe they’re essential, they’ll remain too big to fail and don’t need to worry about their reputation.