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Nikola Shares Rise as It Starts Manufacturing Electric Trucks

Fuel Cells Works
By

Fuel Cells Works

March 24, 2022 at 12:59 PM EDT
Fuel Cells Works, Nikola Shares Rise as It Starts Manufacturing Electric Trucks

Photo Credit: image002 (5)

(Reuters) – Nikola Corp shares rose about 9% in premarket trade on Thursday, a day after the company said it had started production of its electric truck.

Nikola said on Wednesday after markets closed that it had started manufacturing its Tre battery electric vehicle (BEV) at its facility in Coolidge, Arizona on March 21.

The company, which is also developing a fuel-cell-powered electric truck said it would start production of the Tre BEV truck for the European market at its factory in Germany in June 2023.

Traders have a short position on about 27.5% of Nikola’s free float, according to estimates from data analytics firm Ortex.

Shares in the Phoenix, Arizona-based company, which said it would deliver 300 to 500 Tre BEV semi-trucks this year, were trading at $9.93.