Day: February 7, 2021

Why CBAK Energy Technology Stock Skyrocketed 45.5% in January

What happened

Shares of CBAK Energy Technology (NASDAQ:CBAT) rose 45.5% in January, according to data from S&P Global Market Intelligence. The battery company’s stock soared early in the month following a report that electric vehicle (EV) specialist NIO was gearing up to launch new models using lithium iron phosphate batteries.

CBAT Chart

CBAT data by YCharts

Chinese EV industry news website cnEVpost published a report on Jan. 6 indicating that NIO was planning to introduce new, budget-focused vehicle lines that would use lower-cost lithium iron phosphate batteries. NIO is reportedly turning to CATL (China’s largest auto lithium-ion battery company) to supply the batteries for the upcoming vehicles. However, the announcement prompted speculation that there could be increased demand for CBAK’s technologies, and the company did announce a potentially significant partnership later in the month.

A charging battery icon.

Image source: Getty Images.

So what

CBAK published a press release on Jan. 25 announcing

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