Nikola Stock Soars 25% After Announcing New COO

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Nicola

The electric car startup’s stock was up by double digits on Monday after it announced a new addition to its leadership team.

Nicola (Ticket: NKLA) appointed Mary Chan as Chief Operating Officer. Chan previously served as a managing partner at a consulting firm. VectoIQ, she helped Nikola with the official launch, according to the company. She has also done roles in the past.

General Motors

(GM) and

Del

(DELL) will enter the role on October 9.

“Mary brings a strong understanding of business, encompassing both engineering and management, combined with extensive experience in technology and transportation,” said CEO Steve Girsky, who also serves as VectoIQ’s managing partner.

Nicola’s shares rose more than 25% to $1.49 on Monday after the news. The stock is down 31% for the year.

Last week, management said the company should begin delivering hydrogen fuel-cell heavy-duty trucks in late September and early October.

Write to Emily Dattilo at [email protected]