CBAK Energy Technology Is Up 2400% from 52 Week Low: What Next?

The Chinese electric vehicle sector has been in focus among investors for quite some time and this morning high powered lithium battery firm CBAK Energy Technology (NASDAQ: CBAT) has seen its stock rallying strongly in premarket trade.

CBAK Energy Technology Is Up 2400% from 52 Week Low: What Next?

The stock has managed to continue its impressive run from yesterday and has already climbed by as much as 40% today. On Wednesday, the CBAT has managed to deliver gains of as much as 23%.

The rally in the CBAT seems to be linked to speculation that has surfaced with regards to Chinese electric vehicle manufacturer NIO. According to a rumor that surfaced on the Chinese platform WeChat, NIO is considering the possibility of deploying cheaper lithium-ion phosphate batteries in the new models that it is going to launch.

Such a move could come as a major boost for companies like CBAK and hence, the rally in the stock is understandable. It remains to be seen if the stock can add to its gains today because CBAT has soared at least by 2400% from its 52-week low of $0.36.

CBAK Energy Technology Is Up 2400% from 52 Week Low: What Next?

Anthony Gonzales

Biotech, Tech, and Crypto reporterAnthony Gonzales brings 3 years of experience in helping grassroots, mid-sized organizations and large institutions strengthen their management and resource generating capacities and effectively plan for the future. He is also a mentor and professional advisor to artists working in all disciplines. He is the gold medalist from St. Marco University of Science and Technology in the Bachelors of Financial Management as well.