Nikola's EV start-up shares rise on earnings surpass, aim to generate income in 2022.

• Nikola's shares rose over 17% on Thursday following the company's announcement of a narrower-than-anticipated loss in the fourth quarter and the confirmation of its revenue projections for 2022.
• Nikola anticipates generating revenue of between $90 million and $150 million in 2022 from the delivery of between 300 and 500 electric semitrucks.
• The increase in electric vehicle stocks was due to the results and the spike in oil prices resulting from the Russian invasion of Ukraine.

On Thursday, shares of surged by more than 17% after the 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 company, which settled a federal investigation over misleading investors, reported an operating loss of $90.4 million, or 23 cents per share, exceeding analysts' expectations of a 32-cent loss, according to Refinitiv.

Despite hitting a new 52-week low of $6.41 a share, the stock finished the day at $8.04 a share, up 17.7%. Despite this, the stock is still down 20.8% in 2022.

Nikola anticipates generating revenue of between $90 million and $150 million in 2022 from the delivery of between 300 and 500 of its first battery-electric semitrucks, the Nikola Tre, to customers.

The company's CEO, Mark Russell, announced that non-prototype production of trucks at its Coolidge, Ariz., plant will commence on March 21. The company had previously delivered its first nonsalable prototype models to customers and dealers in the previous quarter.

In the fourth quarter, Nikola constructed 30 prototypes in Arizona, but only five were commissioned due to supply chain delays. The company has delivered six trucks so far this year.

The increase in electric vehicle stocks was due to the results and the spike in oil prices resulting from the Russian invasion of Ukraine.

On a day when oil prices exceed $100 a barrel, Evercore ISI analyst Chris McNally provided more information on a potential key player in the new clean energy transportation sector in an investor note on Thursday.

Nikola largely exceeded Wall Street's expectations for fourth-quarter results and guidance, according to McNally, who stated that long-term funding is the main concern.

At year-end, the automaker had a cash balance of $522 million and anticipates spending between $295 million and $305 million in 2022.

– CNBC’s Michael Bloom contributed to this report.