Autos

Nikola shares surge as much as 31% after management confirms production targets

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Nikola Motor Company Badger pickup truck

Source: Nikola Motor Company

Nikola shares surged on Thursday, one day after the company said its production timeline and factory plans remain on track amid widespread investor anxiety regarding the company’s business as well as its planned deal with General Motors.

The stock soared by as much as 31% at one point in the day, before ultimately closing with a gain of 17.7%. But the jump does little to dent the stock’s recent weakness; shares have tumbled 37% in the last month.

Short-selling firm Hindenburg Research accused the company of fraud in a scathing report released last month. The findings reportedly kicked off investigations by the Securities…



Source cnbc.com

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