Nikola Shares Explode 18% After Company Delivers First EV Truck

Shares of electric vehicle maker Nikola were exploding on Thursday, soaring as much as 18% after the company completed delivery of its first vehicle.

Nikola announced on Twitter that its first customer delivery is done, signaling more to come.

The company tweeted, “The Ports of LA and Long Beach are about to get a whole lot greener! The first #NikolaTreDelivery was made last Friday to our customer @ttsitrans making these zero-emission trucks among the cleanest in the entire drayage fleet.”

According to Nikola, the Tre has up to 350 miles of range from a 753-kilowatt-hour battery and a sustained output of 645 horsepower. It was not made clear if the trucks delivered to TTSI have these specs or if these specifications are even available in a vehicle you can buy now.

It was also this week that the electric truck company agreed to pay the Securities and Exchange Commission $125 million to settle charges it defrauded investors by misleading them about its products, technical capacity and business prospects.

According to the SEC, Nikola is responsible for misleading claims made by the company’s founder and former chief executive officer, Trevor Milton. Milton had pleaded not guilty to fraud charges brought by the Justice Department in July.

Nikola went public in June 2020 by merging with a SPAC and soared to a record high above $90 a share soon after the IPO. Shares had collapsed due to the regulatory probe.

The company is planning take its trucks abroad, thanks to its partnership with the Port of Hamburg and IVECO trucks, and could see up to 25 electric trucks be delivered over the next year.

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.