Home Top Movers Is it true that the CBAK Energy (CBAT) stock skyrocketed after the...

Is it true that the CBAK Energy (CBAT) stock skyrocketed after the hot update?

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.


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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.

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