CBAK Energy Stock Rises On Major EV Battery Order From India's Ather Energy: Retail Chatter Shows Optimism
The firm said that Ather Energy will begin integrating its Model 32140 battery cells into its electric two-wheeler, with expectations for a long-term partnership and consistent order flow.
FollowShares of CBAK Energy Technology Inc (CBAT) rose over 3% on Monday after the company announced that its subsidiary Nanjing CBAK New Energy Technology Co. has secured purchase orders for its Model 32140 cylindrical lithium-ion battery cells from India-based Ather Energy.
CBAK Energy Technology is a China-based firm that develops, manufactures, and sells new energy high-power lithium batteries and related raw materials.
The firm said that Ather Energy will begin integrating its Model 32140 battery cells into its electric two-wheeler, with expectations for a long-term partnership and consistent order flow.
Ather Energy is an electric two-wheeler manufacturer and an operator of a fast-charging network for electric two-wheelers.
CBAK Energy CEO Zhiguang Hu expressed optimism about the firm’s strategic partnership with Ather Energy.
“We are confident that our Model 32140 battery cells, perfectly suited for India's electric two-wheeler market, will help drive future growth. As India's LEV sector continues to expand, we expect to secure increasing orders and market share, positioning CBAK Energy as a key player in the region's EV revolution,” Hu said.
Nanjing CBAK New Energy Technology recently signed procurement agreements with suppliers and completed prepayment for production equipment and utilities for the first two production lines at its Phase II project in Nanjing.
While the company’s Phase I project is currently operating at full capacity, it has decided to fast-track the progress of Phase II in response to urgent client requirements.
The firm had stated that the first two production lines at Phase II are scheduled to enter trial production by May, and full-scale mass production is expected to begin by late 2025.
Following the disclosure, retail chatter on Stocktwits reflected a positive bias on the stock.
After witnessing a rally in mid-December, the stock has pared some of the gains, losing nearly 10% in the last five days. Over the last year, the stock has lost over 15%.
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