Nikola Corp NKLA shares are surging Thursday morning after the company announced it started truck production earlier this week.
Commercial truck production was originally slated to start by the end of the second quarter, but the company said it already started producing its battery electric Tre semi-truck for customers, beating competitor Tesla Inc TSLA to market.
Nikola said it expects to begin delivering the trucks in the second quarter. The company anticipates delivering between 300 and 500 trucks this year followed by increased production in 2023.
Related Link: This Tesla Rival Confirms Making Its First Semi Truck, Targets Up To 500 Deliveries This Year
Nikola is a designer and manufacturer of battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen fueling station infrastructure.
NKLA 52-Week Range: $6.41 - $19.52
The stock was up 16% at $10.60 at time of publication.
Photo: courtesy of Nikola.
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