Nikola Is Buying Romeo Power for In-House Battery Capabilities
The EV start-ups had a few good years before investors came to the realization that not every prediction that they were making could come true. Inflation and interest rates started rising and things went south pretty quick. Amid these tough times for growth names and especially EVs, consolidation might be the way forward. On Aug. 1, Nikola announced that it has agreed to acquire battery maker Romeo Power for $144 million. Why is Nikola buying Romeo Power?