What happened

Nikola (NKLA -2.41%) hasn't exactly been the poster child for rising stocks over the past year, with its shares down more than 60% in the last 12 months. But the electric-vehicle maker is bucking the trend today. With the overall market tumbling against a backdrop of geopolitical concerns, shares were trading up 8.9% as of 10:55 a.m. ET on Thursday. 

So what

Nikola reported a smaller-than-expected quarterly loss in its fourth-quarter and full-year 2021 report released this morning. The company also said its Arizona factory's first phase will be completed by the end of March. Investors were happy with the financial update, as well as the status of commercializing its battery electric vehicles (BEVs) and hydrogen-powered fuel cell electric vehicles (FCEVs). 

Nikola electric tractor pulling customer trailer.

A Nikola Tre in a pilot program with Anheuser-Busch. Image source: Nikola.

Now what

Nikola delivered its first BEVs to a customer for a pilot program in December. The company said those trials are going well, and it expects its first actual sales to customers in the second quarter of 2022. It also started a pilot testing program of its FCEVs with partners that include Anheuser-Busch InBev. Two Nikola Tre trucks are in a three-month pilot, being used for daily service within the brewer's Southern California distribution network. 

For 2022, Nikola said it plans to deliver up to 500 BEVs to customers, complete validation of its Tre FCEV trucks, and begin construction of its first hydrogen production hub in Arizona. It also said it expects to announce at least two partners for hydrogen dispensing stations in California. The production and delivery of hydrogen fuel is expected to help support a network of its FCEV vehicles.  

Investors seem to be happy with what the company announced today. Even with today's bounce, though, shares are still down about 25% year to date. If Nikola accomplishes the goals it has lined up for 2022, there will likely be more room for shares to rise. Considering the risks, however, investors should be sure to allocate an appropriate amount with any investment.