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CBAT - Why CBAK Energy Stock's Decline Is Accelerating
CBAK Energy Technology Inc.
Last week, Chinese automotive battery maker CBAK Energy Technology (NASDAQ: CBAT) announced a deal that verged on the transformative. In a tie-up with Kandi Technologies (NASDAQ: KNDI) , CBAK plans to sell $120 million worth of batteries to the Chinese electric-car maker next year alone -- quadrupling its revenue in a single year. Investors were elated, and CBAK shares soared , but the enthusiasm was short-lived.
Yesterday, CBAK shares stalled and fell 1.5%. Today, they're crashing down another 9.4% as of 11:45 a.m. EST.