SPI - SPI Energy skyrockets in pre-market trade on launching EV subsidiary

SPI Energy (SPI) +134% PM, launched its wholly owned subsidiary, EdisonFuture for designing and developing electric vehicles and EV charging solutions.Based at Silicon Valley in California, EdisonFuture complements the company's current suite of PV solutions, including solar and battery storage technologies.It will partner with major manufacturers as necessary.Globally, sales of EVs peaked to 2.1M in 2019 exceeding record sales in 2018; this accounted for 2.6% of global car sales and about 1% of global car stock in 2019, registering a 40% Y/Y growth.Global infrastructure for EV charging grew to 7.3M chargers in 2019.SPI Energy believes that with assets valued at ~$200M and a current market cap of less than $20M, the stock is trading well below peer group multiples.

For further details see:

SPI Energy skyrockets in pre-market trade on launching EV subsidiary