Electrical car start-up Lordstown Motors stated that early reservations for its all-electric Endurance pickup have been robust and that it plans to double hiring by the top of this 12 months, sending shares of the corporate up by as a lot as 27% Monday.

The corporate stated it has obtained about 50,000 nonbinding manufacturing reservations for the car, which is tailor-made for business consumers somewhat than particular person homeowners. The typical order dimension of the reservations is roughly 500 autos, in line with a press launch.

Shares of Lordstown closed at $22.55, up 26%. The corporate has a market cap of $3.7 billion. It went public through a particular objective acquisition firm, or SPAC, final month. Lordstown’s inventory has been risky since going public on Oct.26.

“We proceed to make vital progress throughout all fronts, and we’re excited to disclose these developments with the funding group and future clients right this moment,” Lordstown CEO Steve Burns stated in an announcement.

Lordstown stated deliveries of the Endurance are anticipated to start in September 2021, with full manufacturing ramping up all through 2022. The corporate expects to supply 40 to 50 new, or “beta,” prototype autos starting in early 2021. The vehicles will probably be used for crash, engineering and validation testing, in line with Lordstown.

The corporate stated it’s within the means of doubling its workers to 500 by the top of this 12 months, adopted by 1,500 folks by the top of 2021.

Ohio-based Lordstown is amongst a rising group of electrical car start-ups going public through deals with SPACs, which have turn into a preferred method of elevating cash on Wall Road as a result of they’ve a extra streamlined regulatory course of than conventional preliminary public choices. SPAC shares usually get an preliminary pop after the deal is introduced however are inclined to underperform the broader market in the long term, in line with Goldman Sachs.