Home Equities Score Why SPI Energy Co., Ltd. (SPI) stock is soaring today?

Why SPI Energy Co., Ltd. (SPI) stock is soaring today?

Shares of the SPI Energy Co., Ltd. (SPI) were soaring in the pre-market today on June 9, 2021, following the news that Phoenix motorcars has initiated the production of its first third-generation drivetrain products. SPI stock price saw a surge of 36.76% to reach $8.47 a share at the time of this writing. The stock was down in the previous trading session and dropped by 0.32% at closing. Let’s check out more about SPI stock.

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What’s Happening?

Phoenix Motorcars is a group company of SPI stock-based in California. The stock became hot among investors after the rollout of news related to Phoenix motors that the production of its drivetrain products for the service truck configuration had been initiated and, the first three units had been completed out of the Ontario facility recently.

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The first electric drivetrain was launched in 2009 by Phoenix and in 2014, it sold its first commercial electric vehicle. Ford E-450 was the platform where the trucks and shuttles were built. With the passage of time, Phoenix motorcars has done improvements in its technological area.

Phoenix CEO said that the presence of their third-generation products in the market would provide customizable options to their customers and Phoenix is looking forward to its continued growth and expansion of its products with the support of SPI stock.

A look at recent previous activities

On June 3, 2021, SPI stock did announce the launching ofApollo, which is a cloud-based monitoring and maintenance system for the solar system, energy management as well as energy storage bySolar4America which isthe subsidiary of SPI’sSolarJuice Co., Ltd subsidiary. Apollo platform collects data from various systems including electricity distribution panels that are installed at customer sites.The new system displays relevant information to its users and solves many of the technical issues without the involvement of end-users.

At the start of this month, SPI stock did announce the appointment of Dallas W. Meyer, Ph.D., as the new Chief Technology Officer of Solar4America.DR Meyer is an experienced professional in complex and high volume technical products and the founder of Luxxtor Energy, a solar module technology startup.

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Conclusion:

The SPI stock is hot among investors so far following the announcement of the completion and production of third-generation drivetrain products by Phoenix motors. The need for energy around the globe is increasing day by day and stocks like SPI can outperform in the future in order to meet the energy needs.

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