Shares of EV start-up Nikola surge on earnings beat

Plans to generate revenue in 2022

Shares of Nikola Corp. surged Thursday by more than 17% after the embattled electric vehicle start-up reported a narrower-than-expected loss during the fourth quarter and confirmed plans for truck production and revenue generation in 2022.

The pre-revenue company, which recently settled a federal probe into misleading investors, reported an operating loss of $90.4 million, or 23 cents per share. That compared with Wall Street’s expectations of a loss of 32 cents per share, according to analysts compiled by Refinitiv. After hitting a new 52-week low of $6.41 a share Thursday morning, the stock closed at $8.04 a share, up by 17.7%. The stock remains down 20.8% in 2022.

Nikola said it expects to generate revenue of between $90 million and $150 million in 2022 on deliveries of between 300 and 500 of its first battery-electric semitrucks — known as the Nikola Tre — to customers.