Nikola Shares Drive Higher as Badger Reservation Date Set

Reservations for Nikola Motors' Badger electric pickup truck will begin June 29, the company said. The shares are higher.

Nikola shares NKLA soared Monday after the electric-vehicle maker said that reservations for its Badger pickup truck will begin June 29.

The announcement came in a tweet from Nikola Chief Executive Trevor Milton.

The Badger has a more conventional design than Tesla's  (TSLA) - Get Report Cybertruck. It can go 600 miles without a recharge - 300 miles on battery and 300 on hydrogen fuel cells, Nikola says.

It also can go from zero to 60 miles an hour in 2.9 seconds. It has up to 980 foot pounds of torque and up to 906 peak, or 455 continuous, horsepower.

Nikola, named after Nikola Tesla, merged with special purpose acquisition company VectoIQ Acquisition last week and began trading on Nasdaq Thursday.

“Nikola is thrilled to complete the Nasdaq listing and be part of the ESG [environmental social governance] investment world,” Milton said in a statement.

“This is a significant endorsement in fuel-cell and battery-electric technology. Since Nikola launched its first fuel-cell semi-truck, you have seen the world rally behind hydrogen and follow our lead,” Milton said.

“What was once considered the fuel of the future is now accepted as today’s solution. With our Nikola Iveco joint venture and over $10 billion in pre-order reservations, Nikola is positioned to be a wonderful story of how one company can literally change the world.”

Nikola shares recently traded at $55.63, up 55%.

Tesla shares recently traded at $929.40, up almost 5%. The stock has jumped 32% in the last three months, compared with an 8% gain for the S&P 500.