Electric vehicle (EV) company Nikola (NASDAQ: NKLA) was a star on the stock market Tuesday, rising to close nearly 11% higher. A business update issued after market hours the previous trading day was the catalyst for such optimism.

Friday afternoon, Nikola published its "progress update," in which it took pains to say that its efforts at efficiency should lead to a notable decline in costs.

The document is a follow-up to the EV company's remarks on the subject in its first-quarter earnings report. Nikola reiterated that it is attempting to streamline its operations by measures such as a reorganization of its workforce, a concentration on its home North American market, and supply chain localization.

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Source Fool.com