Nikola to move battery production to Arizona ahead of schedule

Nikola Corp.
NKLA,
+6.71%
said late Thursday it is moving its battery manufacturing from Cypress, Calif., to its Coolidge, Ariz., plant, with the move expected to be completed by April and “months ahead of the original schedule.” Expediting the move further shows a commitment to cost savings, as truck assembly, fuel-cell assembly, and battery production will all be under one roof, the company said. Shares of Nikola dropped 2.3% in the extended session after ending the regular trading day up 6.7%.