Why CBAK Energy Stock Just Popped
Shares of Chinese electric car battery maker CBAK Energy Technology (NASDAQ: CBAT) rushed ahead more than 19% in early trading Monday, before pausing and retracing in the afternoon. As of 1:35 p.m. EST, CBAT shares remain up a respectable 3.2%.
What drove the stock higher, and what sapped its support as the day wore on?
In a press release this morning, CBAK announced that it has signed "a one-year strategic cooperation framework agreement" with Chinese light electric truck manufacturer Chengdu Raja New Energy Automotive Technology. Raja, says CBAK, has produced over 5,000 electric trucks in its two years in operation, and set up 3,500 electric charging stations to power them.
Source Fool.com
