Nikola to Exit Europe as Iveco Takes Over Truck Venture (2)

Iveco Group will take full ownership of a European joint venture with Nikola Corp., as the US-based electric truckmaker exits Europe to focus on its home market.

Nikola will receive $35 million in cash through the transaction and have 20.6 million of its shares returned, according to a statement Tuesday that also detailed earnings results. Turin, Italy-based Iveco will assume complete ownership of the Ulm electric truck plant in Germany and be fully licensed to access and develop vehicle software control, according to a separate statement.

“Manufacturing and energy are capital intensive businesses, and we need to remain ...