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.
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Chief Executive Officer Mark Russell had said in a February earnings call that production will begin on March 21 and laid out plans to deliver 300 to 500 Tre BEV semi-trucks this year.