Why EHang Holdings Stock Flew Higher Today
EHang Holdings (NASDAQ: EH), an ambitious Chinese company that's developing autonomous flying taxis, had a winning Wednesday on the stock market. Investors cheered news of a fresh acquisition, sending the share price skyward by 1.4% on a day when the S&P 500 index landed in negative territory, closing almost 1% lower.
Before market open, EHang announced that it has made a strategic investment in Shenzhen Inx Technology. This business, also based in China, develops solid-state lithium batteries. As part of the investment, the two companies aim to cooperate on the research, development, and manufacture of power products for EHang's autonomous aircraft.
While EHang waxed enthusiastic about its latest investment, it did not provide any financial details.
Source Fool.com
