1/ This should be very concerning to anyone invested into $NKLA. On July 23, Trevor said that the factory phase 1 will be completed in 12-14 month. Almost 2 months have passed and no building plans have been submitted.
There are obviously not in a rush to get this factory up. https://twitter.com/ajtourville/status/1305909027990274049

2/ My theory is that they simply don't have the cash ($600M) to get this going.
$NKLA currently has about ~$900M in cash according to Trevor and the $GM deal (if it gets closed) requires Nikola to pay GM up to $700M for Capex within a (currently) unknown timeline.

3/ Based on the timeline for that payment, $NKLA is in need for another capital raise. I'm sure they were hoping the $GM deal announcement would skyrocket their share price in preparation for the secondary offer. The Hindenburg report crashed that party.

4/ I therefore believe they are going to make some kind of announcement very soon to boost the share price. Could be a partner for their hydrogen network (if they didn't jump ship yet) and/or some kind of Nikola Tre news from Germany.

5/ I believe their original plan was to spread out those announcements much more to keep the hype up until Nikola World.
I also believe their Badger reservation numbers are really low. I can't see another reason why they haven't made them public yet.

6/ After the 11% dilution through the GM deal, get ready for more dilution in the coming weeks/months. They need to raise at least another $1B which is close to another 10% given the current stock price to build the factory and to pay GM.