Stocks within the electric vehicle space have increasingly attracted investors due to the prospects of the overall sector and on Tuesday, it was the turn of the Romeo Power Inc (NYSE: RMO) stock.
The company, which is involved in providing electric truck battery packs, saw its stock soar by as high as 60% after a key announcement. On Tuesday, the company announced that it signed a long-term deal with PACCAR with regards to supplying battery packs meant for its electric trucks.
It was a significant announcement from the company and it was no surprise that the stock soared as soon as the news surfaced. As per the terms of the deal, Romeo is going to supply modules, battery packs, and battery management systems meant for the Peterbilt truck from PACCAR. The deal is going to run up until 2025, as per a joint statement from the two companies yesterday. The stock is likely to generate considerable interest among investors through the rest of the week.
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Anthony 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.