Home Top Movers Why Westport Fuel (WPRT) Stock Price Rising Premarket Today?

Why Westport Fuel (WPRT) Stock Price Rising Premarket Today?

Westport Fuel Systems Inc. (WPRT) is a global designer, manufacturer, and supplier of alternative fuel systems and components for use in transportation applications. The company’s shares have been rising premarket today by 50.29% to $13.00 as of 06:23 a.m. EST. The company is likely to stand beneficial by a larger order from Amazon for delivery of more than 700 compressed natural gas (CNG)–operated trucks.

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What the company do:

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Westport Fuel Systems is helping the world move toward a cleaner energy future. The company is a major supplier of environmentally friendly fuels to the global automotive industry, including natural gas, propane, hydrogen, renewable natural gas, and other low-carbon fuels. In transportation, Westport technology provides performance and fuel efficiency while meeting challenges such as climate change and urban air quality. Operating in Europe, Asia, North America, and South America, the Vancouver, Canada-based company serves leading global transportation brands as its customers in more than 70 countries

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News background:

Amazon has ordered hundreds of trucks that run on compressed natural gas as it works to switch its fleet to cleaner fuels. In 2020, the coronavirus outbreak led to a lift in truck traffic, which exceeded the levels of 2019. At the same time, passenger cars traffic decreased. Because heavy trucks emit more greenhouse gases than passenger vehicles an increase in road activity also means more pollution. In the next few years, Amazon will offer sustainable options such as electric freight and compressed natural gas. To reduce carbon emissions, transportation companies are assembling fleets of electric vehicles.

What’s in it for Westport Fuel:

Amazon has placed orders for over 700 natural gas-powered Class 6 and 8 trucks. The engines, which will be powering Amazon’s those heavy-duty trucks to deliver goods from warehouses to distribution centers, will be supplied by Cummins Inc and Westport Fuel JV.

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Amazon wants to eliminate its carbon emissions throughout the entire company by 2040 with a target to achieve half of those shipments by 2030, a strategy that will surely be benefitting Westport Fuel in years to come.

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