Why U Power Stock Skyrocketed 49% Higher Today
Chinese vehicle sourcing specialist U Power (NASDAQ: UCAR) had one of the most powerful upward share-price movements on Wednesday. Following news of a massive new incentive program from that country's government aimed at increasing the take-up of electric vehicles (EVs), U Power's stock closed the day almost 49% higher in value.
Early that day, the Chinese government took the wraps off a 520 billion yuan ($72 billion) set of tax breaks for EVs and other alt-fuel vehicles. Those incentives will be in force until the end of 2027.
The move comes shortly after government officials promised to support the automotive industry. China, which has suffered from severe pollution in many of its regions and cities, also aims to make that industry's output cleaner with EVs and other more environmentally friendly models.
Source Fool.com
