China BAK (CBAK) Moves Higher as Kandi (KNDI) Announces EV Expansion Plans
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China BAK Battery, Inc. (Nasdaq: CBAK) is higher on the session following an announcement by peer Kandi Technologies (Nasdaq: KNDI).
Kandi earlier announced the first electric vehicle (the "EV") smart vertical parking and charging facility in Gudang Technology Park. It will deploy 5,000 to 10,000 pure EVs one-year following the initial launch of the facility.
The news might be a boon for China BAK, which could supply more batteries as the EV market picks up. Currently, China BAK and Kandia aren't directly in a partnership.
Shares are up 15 percent with steady volume Monday.
Kandi earlier announced the first electric vehicle (the "EV") smart vertical parking and charging facility in Gudang Technology Park. It will deploy 5,000 to 10,000 pure EVs one-year following the initial launch of the facility.
The news might be a boon for China BAK, which could supply more batteries as the EV market picks up. Currently, China BAK and Kandia aren't directly in a partnership.
Shares are up 15 percent with steady volume Monday.
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