The stock of CBAK Energy (NASDAQ: CBAT) is soaring in the early session on Thursday morning, but there is no news relating specifically to the Company.
This surge is attributed to a widely published report stating Nio (NYSE: NIO) will produce vehicle models with less expensive lithium iron phosphate batteries to expand its consumer base.
Moreover, Nio contracted to have a battery production line manufactured by Contemporary Amperex Technology (CATL), the largest auto lithium-ion battery maker in China.
How does CBAK Energy, and its CBAT stock, fit into all of this? The firm is a leader in the research, development, and manufacturing of high-performance lithium-ion batteries. It appears that investors think that Nio’s news could lead to some business for CBAK.
CBAK Energy’s (NASDAQ: CBAT) stock was up 21.09% to $7.75 in the morning session. The Company with a market cap of 608.333M posted a 5-month beta value of 3.75.