we have been working on this very long and very hard because general motors left the plant. this big company -- i guess general motors is your partner -- they went in and have an incredible vehicle. how many will you make a year? >> 100,000, once we get started. pres. trump: the four wheels are called a hub motor. this is the only one that does this in the world, and it has a lot of advantages. wheel drive.four a computer and a motor in each wheel gives you the best traction possible. if you look 50 years out, cars will have simple hub motors. pres. trump: this is the wave of the future, the first time it has been done. it was thought of for a long time. it gives you room. up truck first pick with a trunk, that is in front. we call it a frunk. a toolbox backte here because you can put things up front. >> this is exciting. lordstown, ohio got a got punch when general motors decided to stop making chevy. 1500 workers lost their jobs. they reduced workforce over time. this was the biggest employer in the valley where lordstown is. we are calling it voltage valley, because we ha

, but it's not the key story for general motors' success. e of the things i also like is that put selling is really a good investment strategy when you take a look at things that you can do recurrently to generate some yield to buy stocks that you want to purchase at lower prices so those things all make sense to me obviously general motors has been trading at a discount for quite a while. and one of the things they are facing is they have a lot of debt but at the moment they have sufficient cash to cover their needs. and the put that he's selling, expiring as it does in october, actually expires prior to the next time they announce earnings, which will obviously be the big and major catalyst that could potentially move the stocks sharply so i like the strategy if i was forced to try to say would you rather, nikola or general motors or tesla, general motors is probably the stock that i would choose. >> i'm excited to get to carter's take. because if you take a look at the ten-year chart, gm shares have gone really nowhere they're actually low

general motors or tesla? >> oh gosh i mean, the risk/reward to me in general motors, i guess, is better, but that is a very difficult one. >> i'll take gm. obviously the valuation is apples to oranges, but gm has underperformed mass i haively am has a balance sheet you can own. >> i'm going to ask that same question with tesla sufferin its worst three-day decline since 2008 would you rather general motors or tesla >> it was a difficult question then today is the right day to look at that tape again but i would still stay with gm i like this deal for them. i think it's really important. i think it is a win-win. they're not paying anything for 11% of the company they're contributing their expertise and production but i think that tesla even though it's down a lot, it's still -- risk/reward, i think to me, in gm is better. for many reasons i like this deal i don't know that we're going to see a spinout of gm's ev business i don't think we'll see that spin, but i like the stock here. >> are we going to see credit

i'm showing you general motors because general motors said we did appropriate diligence when it comesing into nikola before striking the deal nikola will have its badger electric pickup truck built by general motors we have heard nothing at all from the chairman of nikola, trevor milton. you have to wonder if these investigations take away the real oxygen that has pushed this stock higher over the last month. trevor milton on social media friday, but not since then. >> he had that sort of monologue that had some profanity in it that we bleeped out. we aired part of that. bloomberg had that report about the pickup truck or the semitruck not actually being functional at an event a long time ago has gm not said anything >> they have not said anything i think general motors' position and this is conjecture based on conversations with people at the company. if this turns out that nikola is really not what everybody thought it was going to be, what's the worst that happens? they no longer build it. it's a little embarrassing for general motors since they said they did appropriate diligence

if i was forced to try to say would you rather nikola or general motors or tesla, general motors is probably the stock i would choose >> i'm excited to get carter's take if you take a look at the ten-year chart, gm shares are actually lower than they were ten years ago. >> that is the irony we're coming up on the ten-year anniversary of obviously the equity went to zero. bailed out by the government it was november 17th, 2010, so in a month and a half it will be there. the ipo price was 33 on the news of the nikola partnership, the stock popped to 33 it's been a decade and think about with inflation i think it's a very defensive way to be bullish. if you're really bullish, you buy calls. selling the puts, i get it it's sort of a muted way to -- here's the thing, this is a long-term dud. >> oh, that's it so direct, carter. a long-term dud. okay we're going to leave it there. check out our website optio optionsaction @cnbc.com. >> when hunting for yield, make sure you don't accidentally shoot yourself in the foot professor mike khouw is bringing up the hounds to help you find a better target.

>> i'm long general motors, so the answer would be yes.ola deal for them before the hindenburg came out but i think they haven't negotiated a final deal yet. we may see a very different deal, a deal that's even better for gm than the one originally announced. even if they do, it's a bit of a black eye for gm i think it's an interesting deal for gm they can get a better deal than they cut originally. so i think let's see how it plays out. it will be either really good for them or they'll walk away with a little bit of embarrassment but having put no money up at all, i think they'll have to go on and look for the next product that hopefully will invigorate their ev business. >> there's certainly a difference between nikola and tesla. tesla is a different type of company than nikola, a different part of the life cycle would you rather nikola or tesla at these levels? >> you can't do this to me, dom, please [ laughter ] >> it's a case where they are apples and oranges there's some commonality in both of these stories they're long on promises t

the technology and hydro tech is still extremely valuable and can be used not just for general motors vehicles but other automakers in the future. >> what about, and again, phil, we're just going to talk about what is in the short-seller's report, publicly available information without editorializing or making assumptions. part of this was the personnel and one of the short seller allegations was some of the high-ranking employees may or may not be unqualified for their job given the complexity of the technologies what can we talk about trevor milton brother's travis who was a home builder in hawaii and another chop executive running a golf course three years ago. all that is publicly available on linked in, by the way do we care about the executives' pasts? >> i think you care about their pasts if it is really out of left field and you're like whoa what is this person doing. the flip side is that, look who put together the nikola spec steve g former gm board member, widely respected on wall street for his year as a an analyst and work in the auto industry. this is not a johnny come l

high set just about a week or so ago plus, one of the hardest hit stocks, tesla down another 18% general motors adding insult to injury after taking a stake in its competitor, nikola >>> the airlines holding up after morgan stanley's bullish call on the group. the analyst will join us kelly, first over to you >> major aver raages are hitting their lowest levels. bob has a look at the stocks making the biggest move today. bob, let's start with you. >> we're in a 40-point trading range. we're about to break out on the upside

that's for sure >>> still ahead, short seller taking aim at nikola just days after its deal with general motors calling it an intricate fraud. check out this mystery stock the stock has soared from its march lows one said it could be the ultimate reopening tdera more "power lunch" next. plap give you straightforward ae and tailored recommendations, with access to tax-smart investment strategies designed to help you keep more of what you've earned so you'll know you're doing what you can for your family and your future. that's the clarity you get with fidelity wealth management.

as a rule, over the past few days, these key partners for nikola, including general motors.talian firm. coming out in support of nikola ining that they believe partnerships, believe in the vision that nikola is trying to push out. the cfo is speaking at a conference today basically talking about how ridiculous it was that his partners, these big names in industry and automotive had been hoodwinked. he said, these are multinationals, companies with great experience and heavy industry. the cfo today was dismissive of this. 'sen it comes to nikola rebuttal, it was not so much point by point, it was basically more counter arguments that nikola was making. nikola's main point is that the allegations by hindenburg, they believe, are false and misleading, and the main motivation is -- caroline: making profit from a manufactured decline. it seems as though the founder has been making some bets on his own stock because trevor nielsen himself purchased shares today for $1.3 million. what is the next step? are we expecting them once again to speak out? ed: i think they have probably sa

. >> when we come back, why general motors says it is sticking by nikola and why shares of regeneron are surging this morning later on, a first-hand look at indoor dining in the big apple we speak with one restaurant owner with a lot on the line ♪ >>> welcome back let's get a check on some of the stocks on the move today general motor says it is continuing their discussion with nikola when the deal was announced, nikola expected it to close before september 30. since then, the founder resigned after the company accused of fraud. nikola denied allegations. you can see general motor shares up, nikola down. >> regeneron drug helps threat covid-19 in early stages preliminary results could produce an eua from the fda that may allow the drug to be prescribed the company's cofounder and chief scientific officer will join "squawk box" this morning at 7:20 a.m. eastern time. >> micron expects to see significant sales hit this quarter d quarter primarily due to shipments to huawei. shares off 4.5% pre-market >>> still on deck, the nearly 20 year wait is over on wall street as the once secret p

i want to do start from the point of view of general motors. smart move for gm to hedge its bets? david: it is because it does not cost them any money. they give their fuel cell and battery technology to nikola. this is really a giant signal for the stock market that has bought into nikola shares and given it a valuation of more than $18 billion. we are gm and our technology is better than nikola's. they are using gm's battery pack, which is for their future electric view -- vehicles. investors bought into nikola thinking they had great technology. instead they are using gm's. gm is up today. not getting quite the bump nikola is, but investors are taking a look at this. when these companies, a hot startup and an old company, they end up using gm's technology. classf these fuel-cell seven trucks cell, gm gets into a market where they are not currently. and if the pickup truck sales, they just get more volume for the plants they will use to make their own vehicles and they get some royalties from that. a lot of possible upside from gm. and they a

the idea was that general motors would leverage that, use their own technology and the foundation ofkola set up. we also know that talks with energy giant bp are still ongoing over a hydrogen infrastructure partnership. chair of nikola's board, he made the introduction between the two companies. it is hard to tell. ludlow, i know you will continue to carry this one for us. coming up, we will look at what to expect out of tomorrow's first presidential debate. in a viral news cycle, there is no room for error. this is bloomberg. ♪ emily: welcome back to bloomberg technology. trump and biden hit the stage in cleveland tomorrow night, marking the very first time the two will debate each other. tomorrow's event will be the first of three presidential debates leading up to the election, leaving little room for error on either side. with us on the phone to look ahead to the event, wendy benjamin. what is at stake tomorrow? obviously, it is a huge night. both of these candidates have a lot on the line. wendy: they absolutely do have a lot on the line. it is tomorrow night, the first debate,

interesting to see if general motors ultimately says, that's fine get rid of that.d in the battery electric vehicle technology for the semi truck. the talks continue >> that's fascinating, phil. the notion that they would double down. you're right about the price action on the stock. went from 93 in june to less than 20 now. and it's funny, even though we get -- watching this particular transaction try to close, signs of overall industry demand for the new technologies, whether it's california's new law or walmart tripling their order for the tesla semiin canada, those continue to come out everyday. >> correct nobody disputes that the commercial vehicle industry, whether you're talking about class 7 and 8 semi trucks or talking about the consumer vehicles that you and i would go out to a dealership and buy, it's moving towards electric and ultimately some day hydrogen the question becomes how quickly does it get there, carl. it's certainly not going to happen in the next couple years. the question is how much growth is there that's at the heart of the questions surr

speaking of general motors, questions about what this might mean for the relationship betweenkola. they say we will work to close the transaction that we announced nearly two weeks ago to seize the growth opportunities in broader markets with our fuel and battery systems and to build the badger. that is the electric truck they will build with nikola general motors is due to receive 11% stake in nikola when that transaction closes there is pressure on gm, but really the big pressure today is on nikola. shares down 20%. at one point it was down 26% or 27% today. starting to hear from analysts saying okay, we don't think is a complete lost here, but we're still trying to assess the situation. >> as we all are, fill, thank you for bringing that to us. the street's number one tesla ann list will join us up next ahead of the company's battery day. so don't go anywhere, we'll return in just two minutes jean, did you know geico is now offering an extra 15% credit on car and motorcycle policies? that's great! that's 15% on top of what geico could already save you. so what are you waiti

in the strategic national stockpile, and today, in partnership with ge healthcare, ford, and general motors, we have more than 150,000 ventilators in the strategic national stockpile. whether it be the historic progress on therapeutics, remdesivir, convalescent plasma, that are literally saving lives come i would be, as he reflected, mr. president, our steady progress towards achieving a safe and effective vaccine before the end of the year. it has been that public-private partnership that you lead that made these advances possible, and on testing the american people really deserve to know that when we began, as you said, mr. president, it was literally a standing start. we did not have information on the coding of the coronavirus until mid february, but america's cdc labs and public health labs did their level best, and by the end of february, we had done less than 10 thousand coronavirus tests, and as you just announced a few moments ago, last week, we cleared 100 million tests all across the country. it is extraordinary. we have the capacity to do 3 million tests a day. it is a testament

when we reached out to general motors, remember they taking an 11% stake in nikola.id we stand by the statements that were made on the day of the announcement. at the end of the day, this is going to come down to whether or not somebody has some smoking gun or if this will be one more short seller who makes an allegation and then over time it kind of fades away >> a part from the fact that one wonders about trusting a short te seller who goes by the names of hiddenburg that creates all sort of visual illusions, that i don't want to contemplate. how much of a decline would you attribute to short tellers or people losing the enthusiasm and buzz or just the markets been moving downward too. what would you expect? >> there's a bit of the market moving down that has weighed on shares of both general motors and nikola the short telling, my sense is there's more short sellers moving in on nikola. that's not a surprise. the shorts have come out and said we don't buy into this. we don't buy into the hype you have a company with barely any revenue. we think it's ripe to fall i

i might sound boring but boring can be good. >>> general motors announcing it's taemg up with nikola. phil has the details for us. >> you miergt sght say a week a was up around $500 a share it's fallen below the 50-day moving average it's not now it's down at 346 it's market cap down about $143 billion. there's the other news that people are digesting when it comes to electric vehicles it's the partnership or getting together, if you will between general motors this is a deal that they struck over the weekend it gets more size an scale for its ev platform. nikola gains access and yes, it has vast expertise when it comes to developing electric vehicles. >> we do not want to make our own truck lines. this is what gm is so good at. it's going to be built at their plant. we get access to their entire supply chain the team that's built the best programs in the world. that's how much it expects the benefit because of this deal it expects to save approximately $4 billion since it won't have to spend as much developing battery technology, getting production up to speed and investing billions

one is you had general motors and nikola, and electric vehicle start up joining forces.e company and helping get its hydrogen powered trucks and pickup trucks to market sooner. part supplier network, that is a big shot in the arm for a company like nikola. that hurt the shares as well. -- have an analyst expecting an analyst expecting part of the isay on the s&p standpoint when they reviewed tesla, the company has had several consecutive profitable quarters. the problem is they do not make money selling profitable -- selling electric vehicles. it has always made up for the losses of selling cars. it is not great quality of earnings. it does lead to some volatility in the share price. you have all these factors on top of each other. it is just a big selloff. emily: let's talk about netflix's future, the uncertainty about profitability, the uncertainty about metrics in general. do you think some of those longer-term issues are weighing on investors' outlooks here? david: it is. one of the issues with electric vehicles is even though they capture the imagination of the car

as they say in parts of my state, i got brought up on general motors.y father ran the general motors agency -- he didn't own it, but he ran it. cars are cars are cars. by the way, i still have my 1967 corvette. it was new. i still keep that. but i have got to tell you, i am waiting for that electric one you made that goes 210 miles per hour. but that's a different story. earlier this week, and the reason we are a little bit late here -- we found out, the press asked me a legitimate question i did not have the background on, because it occurred on the plane. earlier this week we celebrated labor day, and here in the heart of the american automobile industry, we never forget everything we owe the unions. unions, as you've heard me say times, built this country. unions built the economy, the economic engine has driven america, manufacturing dynamism. and literally, literally in the case of the autoworkers, you are the ones who did it. so i want to thank you again, uaw region one, for hosting me today. it is great to see senator stabenow-- see senator , my

. >>> welcome back we've got news on general motors phil lebeau here phil >> general motors announcedbe investing in two plants in ohio, putting $71 million in two plants that will bring 240 additional jobs to general motors in ohio you can see them trading at just under $30 a share, a little under 2% back to you. >> phil, thank you very much >>> after last month's wildfires, there is a new one blazing in northern california it's called the glass fire and it's threatening napa and sonoma wine countries >> reporter: just when folks in wine country have been recovering from this last round of wildfires, another one hits this one is called the glass incident it involves three fires that started yesterday and just exploded overnight it has scorched 11,000 acres, now threatening more than 8,500 structures in napa and sonoma counties also 140 wineries in napa county alone have been evacuated as more than 1,500 people have been urged or ordered to flee the fire zone. one winery that's already burned down is chateau boswell. the devastating pictures show flames tearing through the building th

former vice chair of general motors long-time analyst. auto analyst on wall street.e executive chairman or he will be the chairman not executive chairman of nikola wedbush saying trevor stepping down and nikola will be perceived by the street as a major near term gut punch for the lofty ev ambitions as he plays a key role how did he play that key role? social media he was every bit -- people talk about how elon musk likes to use social media trevor milton was very much in that mold. he was going to be out there he was taking on the haters and he was not afraid to use social media. by the way, as part of his agreement to leave the company, he's a consultant until the end of this year after that he's gone completely. no role at all with the company, but he has to have all of his tweets with regard to anythinioi has to be cleared by the legal counsel even though he is no longer at the company. that's why you see this stock under severe pressure. this stock got up as high as $50 a share after they announced the agreement with general motors? no more will trevor milton be

on the other side of this, the ceo of nikola is going to join us as well as mary barra, ceo of general motorsentire transaction and partnership down in just a moment right after this my name is joe. i'm a sustainability science researcher at amazon. climate change is the fight of our generation. the biggest obstacle right now is that we're running out of time. amazon now has a goal to be net zero carbon by 2040. we don't really know exactly how we are going to get there. it's going to be pretty hard. but one way or another we're going to reduce our carbon footprint to net zero. i want my son to know that i tried my hardest to make things better for his generation. i want my son to know when disaster strikes to one, we all get together and support each other. that's the nature of humanity. ♪ it has encouraged other people to take the time for each other. ♪ ♪ >>> welcome back to "squawk box. the dow is down. big number down more than 400 points as we're looking at the futures selling off a bit this morning. those are some of the worst numbers we've seen for the s&p as well. we're down 30 and ch

on november 26th, 2018 general motors announced the closing of its lordstown, ohio, plant. devastating blow to hard-working americans right before christmas. politicians promised to step up but there was skepticism. not anymore. lordstown motors is showcasing the 2021 endurance electric pickup truck to president trump at the white house. the company is reporting 40,000 preorders for the new truck so far, it is working towards becoming a publicly-traded company, making this story even greater, the truck produced in that old lordstown plant that gm closed down, something that did not escape the president. president trump: the area was devastated when general motors moved out and then we worked together and we made the deal on the plant but beyond the plant, i mean it's incredible what happened to the area. it's booming now. it is absolutely booming and really great. you also have room for expansion in that plant. >> oh, yeah. we'll come out with multiple models. this is our first model. president trump: that's great. charles: for more i'm joined by white house trade advisor p

it secures a deal with general motors.th the startup chairman and founder, that's next. this is bloomberg. ♪ ♪ anna: welcome back to "bloomberg markets: european open" this wednesday morning, 21 minutes into a session that sees european equity markets up by zero point percent, despite fears -- 0.5%. tesla suffered its biggest one-day drop ever after the carmaker missed out on being included in the s&p 500 index. , shavingose down 21% $82 billion from its valuation. we have investor response to that on the program. declines worsened when general motors announced it is taking a $2 billion equity stake in electric truck maker nikola. the no job broadens gm's bet on alternative energy vehicles while providing nikola with a much-needed dose of credibility. the startup's founder spoke to bloomberg. >> it's actually a really great deal for both parties. we were able to get an oem with some of the best supply chains in the world that can instantly build our nikola badger with the factors that already exist. it takes billions to bu

on tuesday general motors announced it was acquiring 11 percent stake in the cola corps worth about $2000000.00 well the u.s. electric truck makers shares they popped as much as 53 percent following the announcement while g.m. shares they also jumped 6 percent now under the deal the 2 companies will build a hydrogen fuel cell electric pickup truck the nikola badger nikola founder and executive chairman trevor milton said nicole is one of the most innovative companies of the world general motors is one of the top engineers in manufacturing companies in the world you couldn't dream of a better partnership than this the truck will compete with tesla cyber truck and it's expected to start production in late 2022. it looks like boeing is keeping qatar airways as a customer of the 2 sides reach a deal that would begin deliveries as early as 2022 meanwhile production problems of a specific plane model have boeing officials answering again to. f.a.a. charges has the story. khatami become the biggest purchaser a boeing 777 x. planes as the company commit to take all 60 aircraft that house on order all t

i was the guy that was asked to make sure that we are in a situation where we save general motors and a philly guy. claymonth is a working-class neighborhood that used to have 6,000 steel workers. it is shut down. but the point is that i think it was the feeling they were taken for granted. i don't know that for a fact. look, where i come from and i think you come from, people don't want a hand out. they just want a fighting chance. give me a shot. looking for a shot. right here in this county and in this state. they are down 5,000 manufacturing jobs. we are in a situation where it is hard as hell to figure out how you get your kid to school because he won't do anything in terms of helping states going bankrupt to be in a position to open up schools safely. second time it comes around people figure it out. i think that i have won all of my races with the core of my support being a combination of the african-american community and working-class blue collar guys. i think that it is a matter of saying that i see you. i understand the problem. >> i have a blue collar guy in michigan. i am

involved in some of the laelgss of fraud >> you know yesterday the stock was up after you had general motorsout saying they did their diligence. it doesn't appear to be the case because you have the fcc looking into allegations against nicola. they say they are welcoming the fcc involvement in this matter and they put out a ten point plan or rebuttal to the allegations that were lodged last week. and their headline says it all they don't buy many into this response we few it as an admission of securities fraud for the chairman he is doubling down they bought 1.3 million in ni nicola stock we heard a lot from him when these los angeless were first made have not heard anything sense, i suspect that we won't for awhile take a look at shares today and remember yesterday the ceo said look, we did appropriate diligence, and general motors is taking an 11% stake in nikola. back to you. >> thank you, we have not heard from truck driver milton recently take a look at shares of carnival getting slammed today down 7%. it is the worst performer and dranking down the other cruise lines carnival also hopi

and electric field for general motors is the 2nd in less than a week $1000000000.00 agreement with the nicolette to produce its electric pickup and supply batteries as both companies put pedal to metal but who or what is nickel is a look at the other company named mr. this is it nikolai headquarters this so proclaim disruptor of the transportation industry greets visitors with a variety of sleek and shiny vehicles and the entry hole so-called big rig trucks away from their off road week olds it's all there it's show and tell of what could be all rather of what will be in the near future says this man we're an energy technology company that happens to make really cool big vehicles this is true of a milton the founder of nikola 38 years old and worth an estimated $4500000000.00. his 5th company milton considers himself a gifted man equipped with plenty of ego and smarts of course primarily he just. well we 1st started this it was it was a very risky you know the odds of starting a company and succeeding are normally always against you and the odds of starting a company and turning it int

what's the 2nd electric deal for general motors in less than a week this time a $2000000000.00 agreement with a start up nicola to produce its electric pickup and supply batteries shares both companies put the pedal to the metal but what is nicola here's a look at the other company named after a certain mr tesla for. this is it nikolai headquarters this so proclaim disruptor of the transportation industry greets visitors with a variety of sleek and shiny vehicles and the entry hole so-called big rig trucks away from their off road week olds it's all there it's show and tell of what could be all rather off what will be in the near future says this man we're an energy technology company that happens to make really cool big vehicles this is true of a milton the founder of nikola 38 years old and worth an estimated $4500000000.00. his 5th company milton considers himself a gifted man equipped with plenty of ego and smarts of course primarily he just got lucky he says when we 1st started this it was it was a very risky you know the odds of starting a company and succeeding are normally always

carmakers honda and ford applauded the announcement general motors criticizing california is the largest car market in america giving it considerable weight against automakers the state is fighting a broad swath of forest fires that have been linked to its increasingly dry climate . social media talk is asking the u.s. court to freeze a ban on his american operations said to enter effect this weekend u.s. president donald trump had already postponed the ban by a week after u.s. companies agreed to take stake in the company and take talks as the ban is motivated motivated rather by trump's reelection campaign. back to europe are rising infection numbers in some countries there have prompted fears that further lock downs could be in the cards. dread have already imposed tourist directions in areas of high infection that's a blow for businesses which have been allowed to stay open but now find themselves with no customers to serve. this banner says everything will be alright residents in caravan chel district are supposed to stay at home now that quarter one of those that have been placed u

i mean, y'all know for more than 50 years general motors had a plant in lordstown.en and women who served in that plant, they created cars that were literally sold across the country and across the world. when the facility closed in march of 2019, it was a heartbreak for that entire community and the state of ohio. president donald trump wasn't having any of it. [applause] he picked up the phone, he called the president of general motors and he told g.m., find a way to bring jobs back to lordstown. and they did. [cheers and applause] true. on may 8 earlier this year, we got the call. the president called it great news for ohio and it was. g.m. sold their plant to a company that's going to manufacture pickup trucks and g.m. announced they're going to build a battery plant in lordstown that could employ up to 1100 people in just a few short years. [applause] i was actually there in june when lordstown motors was unveiled. they rolled out the first fully electric pickup truck on the market in the united states of america. and i'm currently between pickup trucks. so i t

what's the 2nd electric deal for general motors less than a week this time a $2000000000.00 agreement with the start of nikola to produce its electric pickup and supply batteries shares both companies put the pedal to the metal but what is nicola here's a look at the other company named after a certain mr tesla for. this is it nicolai headquarters this so proclaim disruptor of the transportation industry greets visitors with a variety of sleek and shiny vehicles and the entry hole so-called big rig trucks away from their off road week olds it's all there it's show and tell what could be all rather what will be in the near future says this man we're an energy technology company that happens to make really cool big vehicles this is true of a milton the founder of nikola 38 years old and worth an estimated $4500000000.00. his 5th company open considers himself a gifted man equipped with plenty of ego and smarts of course primarily he just got lucky he says we 1st started this it was it was very risky you know the odds of starting a company and succeeding are normally always against you a

i mean, y'all know for more than 50 years general motors had a plant in lordstown.he men and women who served in that plant, they created cars that were literally sold across the country and across the world. when the facility closed in arch of 2019, it was a heartbreak for that entire community and the state of ohio. president donald trump wasn't having any of it. [applause] he picked up the phone, he called the president of general motors and he told g.m., find a way to bring jobs back to lordstown. and they did. cheers and applause] true. on may 8 earlier this year, we got the call. the president called it great news for ohio and it was. g.m. sold their plant to a company that's going to manufacture prucks and g.m. announced -- pickup trucks and g.m. announced they're going to build a battery plant in lordstown that could employ up to 1100 people in just a few short years. [applause] i was actually there in june when lordstown motors was unveiled. they rolled out the first fully electric pickup truck on the harkt in the united states of america -- market in the u

look at the airlines, live nation, marriott, we talked about the hotels big consumer names like general motors holding up well one of the worst days i've seen in a couple movants fuouple of . there's not a lot of clear technical support right at 31043104 we're a long way from that keep an eye on that 200-day moving average >> it's like a kats hecat head n ear. you mentioned a bunch of reasons for sell off including d.c. drama. markets have been hoping for additional stimulus. that may have gotten unlikely. kayla is here now with more for us kayla. >> reporter: to avoid a government shutdown in nine dardays both parties were discussing a compromise that would have seen money for school lunch programs. the bill that house democrats released today didn't have either of those things sparking criticism from the right senate majority leader mitch mcconnell tweeting the rough draft leaves out key release for farmers suggesting it as insult to injury. congress has nine days to fund the government through december. the senate has 12 working days between now and the election leader mcconnell and preside

the closed date september 30th general motors has not said whether or not it will close by the 30th a saying our transaction with nikola has not closed we are continuing our discussions with nikola and will provide further updates when appropriate or required. we'll be watching this and all of this raises questions about former gm vice chair, steve girsky, putting together the nikola spec ipo and guiding the company through its agreement. we have not heard any comment from the company regarding the status of its discussions with general motors, but no doubt, david, this is going to be one of those stocks that people are going to be focused on to see does gm go through with the deal do they change the terms, perhaps make it a little bit more favorable from general motors to stick with nikola, a lot of questions there >> some of so of the reporting around the due diligence gm did suggests that gm found their technology, gm's technology was in some cases superior but nikola had access to the capital that was going to be necessary to get this broader effort off the ground does that sort o

can you say awkward for general motors right now phil, thank you very much.e appreciate it phil lebeau. we're 50 days away from election day. we'll take a closer look at the big names and the big non involved right after this. remember, you can always watch or listen to us live on the go on the cnbc app. when i was in high school, this was the theater i came to quite often. the support we've had over the last few months has been amazing. it's not just a work environment. everyone here is family. if you are ready to open your heart and your home, check us out. we thought for sure that we were done. and this town said: not today. ♪ this is the yes, and ta new way to shopt today. that's completely tailored to you, with hundreds of your favorite fashion brands. tell us what you love and what you don't. the more you yes and no, the more we get you. we will build a shoppable feed that's so you. no two feeds are alike. this is shopping made genius. download the app and shop in a whole new way. house. >>> the race for the white house is heating up. campaign statement

in the process of that, i was given the responsibility to make sure general motors and chrysler didn'tde sure they didn't. brought 80,000 jobs here to michigan and to the automobile industry. 80,000 good-paying jobs came back. he has lost 50,000 of those jobs since he has been president. >> one last question for you, sir. if you're elected, you would be the oldest president ever. and i know you've said it's fair for anybody to ask questions about anybody over 70 and their health. the american people have been lied to before by presidents about the president's health. fdr, jfk, ronald reagan. we don't know still what happened with donald trump and his visit to walter reed last year. will you pledge that if you're elected, you will be transparent about your health? >> yes. >> all facets of your health with urgency? >> yes. >> so we know? >> when it occurs, when anything occurs. anything can happen. anything can happen. that's what i did -- i laid out my health records in more detail, pages and pages of it when i became vice president. i laid it all out. everything. my entire background.

was the guy that was asked in the recovery act, make sure we're in a situation where we save general motorsr. i come from claymont. it used to have 6,000 steelworkers in claymont that shift down. but the point is that i think it was the feeling that they were taken for granted. i don't know that for a fact. and i think that he used that dog whistle on race. now it's a bull horn. and i think that -- look, the neighborhoods i come from and i think presumptuously to say that you come from, people don't want a handout, they just want a fighting chance. and the effect of everything he's done has decimated them i mean right here in this county, in this state they're down 5,000 manufacturing jobs since he became president. >> when you ran for president and barack obama ran for president you both said you would renegotiate nafta. nancy pelosi said that the usmca, which president trump signed into law, is a, quote, victory for america's workers. does he deserve credit for that? >> no. remember, he wasn't the one that pushed that particular one that passed. the house amended the bill so he -- >> he s

in the green at least for general motors. >>> ev og tesla no stranger to short seller battles but thebehemoth making waves for other reasons at this hour. gerri willis tracking all of the action in today's fox business brief. hi, gerri. gerri: hey, liz. that's right. elon musk looking to drive excitement, get it, drive excitement, ahead of tesla's big battery day. he's promising many exciting announcements via twitter. deutsche bank more than doubling its price target on tesla to $325 a share even before the tesla's chief's tweet of high hopes on september 22nd and investors swatting chewy on the nose this hour despite a double beat in q2 and surging customer numbers, shares falling after the online pets products retailer warned of higher second half costs due to the covid pandemic. >>> and the [ inaudible ] solid results for the latest quarter and upbeat guidance, not enough to save the security giant from today's selloff. coming up, could an elliptical be next? peloton's ceo john foley talks the trail ahead for his fitness empire when "the claman countdown" comes right back. so you'

in charge of that, i was the one given the responsibility to make sure general motors and chrysler didn'tmade sure they didn't. brought 80,000 jobs here to michigan and to the automobile industry. 80,000 good paying jobs came back. he's lost 50,000 of those jobs since he's been president. the fact of the matter is nafta was not the deal that was sold. when bush said enforcement mechanism with nafta, they didn't do it. that's why after it passed and he did not insist on that, i was against nafta. we tried to begin to change it because it didn't keep the deal that was made. it wasn't the enforced mechanism abandoned. look, here is what else he's doing. we're talking about trade. what has he done with trade to create more jobs in the united states? what's happened to this trade policy. look what he's done with china. it's a disgrace. what he's done, he's allowed the corporate america to be able to make money by continuing to export american jobs. it's not made in america. for example, those carry bags the military are using, they are supposed to be made -- they are being deployed, made in am

general motors, this endurance truck was set to debut at the detroit motor show -- stuart: oh, it's athat's okay. they wanted to show it off because the detroit motor show canceled this year, as you know, because of covid. stuart: and there you have an electric truck from general motors. >> yes. stuart: he hurries to correct himself. thanks very much. let's see. we're counting down to tomorrow night's debate. will joe biden make any kind of gaffe? [laughter] we're going to speculate, okay? >>> supreme court nominee judge barrett could be confirmed in just a matter of weeks. watch this. >> we'll start on the 12th of october, and on the 15th we'll begin the markup. we'll hold it over for a week, then we'll report her nomination out of the committee on october 22nd. stuart: all right. if she were confirmed, and i think she will be, what effect would that have on business? again, we'll deal with that in just a moment. ♪ ♪ ♪ ♪ good job, michael! does. ok, lindsey now tell the class what your mommy does... my mom has super powers. it's like she can see the future. what?! it's like she time