The electric heavy-truck startup announced on Wednesday that it has begun production of the battery-powered version of its electric Tre semitruck at its factory in Coolidge, Arizona.
The trucks will be delivered in the second quarter, executives said during the presentation. The production of trucks began on Monday.
After the announcement, the shares were up 4%.
The battery-electric version of the Tre is intended for shorter routes. The company expects to deliver between 300 and 500 trucks this year before ramping up production to a higher level.
Since the departure of its founder, the stock has plummeted under an ethical cloud. The company has settled all of the claims related to the actions of Milton.
Federal fraud charges were brought against him last year for statements he made before the initial public offering.
The hydrogen fuel cell version of the Tre will have a range of up to 500 miles and be suitable for longer routes. The next-generation fuel-cell model will be suitable for long-haul routes with up to 900 miles of range.
The company confirmed that the hydrogen Tre is on track to begin shipping in late 2023.
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