Nxu Stock Races Higher After Charging Tesla Cybertruck: What's Going On?

Nxu, Inc. NXU shares are racing higher Friday after the company announced that it successfully charged a Tesla, Inc. TSLA Cybertruck on its NxuOne Charging System.

The Details:

Nxu says it could possibly be the first-ever successful Cybertruck NACS (North American Charging Standard) charging session performed on a non-Tesla DC fast charging station.

“We are thrilled to announce this significant milestone in the world of electric vehicles. Showcasing the ease with which Nxu’s charging technology charged the Cybertruck exemplifies our commitment to improve EV technology and provide EV owners with efficient, reliable, and cutting-edge charging solutions,” said Nxu CEO Mark Hanchett.

Nxu shares are charging higher on heavy trading volume following the announcement. According to data from Benzinga Pro, more than 40 million shares have already been traded in the session, compared to the stock’s 100-day average of 1.58 million shares.

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How To Buy NXU Stock:

By now you're likely curious about how to participate in the market for Nxu – be it to purchase shares, or even attempt to bet against the company.

Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy ‘fractional shares,' which allows you to own portions of stock without buying an entire share. For example, some stock, like Berkshire Hathaway, or Amazon.com, can cost thousands of dollars to own just one share. However, if you only want to invest a fraction of that, brokerages will allow you to do so.

In the the case of Nxu, which is trading at $1.14 as of publishing time, $100 would buy you 87.72 shares of stock.

If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to ‘go short' a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.

NXU Price Action: According to Benzinga Pro, Nxu shares are up 35% at $1.08 at the time of publication.

Image: GGBot from Pixabay