APRN - Why Is Atlis Motor (AMV) Stock Up Today?
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Atlis Motor (NASDAQ:AMV) stock is getting a boost on Tuesday after revealing an order for electric vehicle (EV) charging stations from AUSEV.
AUSEV is focused on speeding up the adoption of EVs in Australia and wants charging stations from Atlis Motor to help with that. To be specific, it’s ordered a total of 270 of the company’s 1.5 MW charging stations.
It’s worth noting that this charging station order is an expansion of a previous deal between the two companies. That saw it order a total of 19,000 XT electric pickup trucks made by Atlis Motor back in August.
AUSEV intends to set the charging stations up across various territories in Australia. This will have it focusing on putting these stations in locations where it intends to distribute the EV pickup trucks.
Why Go With AMV?
Brendan Kenny, Head of Operations at AUSEV, said the following about the deal with Atlis Motor.
“Atlis is focused on providing work trucks with a long range and fast charge time, which is perfectly suited for the Australian market. These charging stations are a natural progression to build on our original order.”
Today’s news brings heavy trading to AMV stock with some 1.6 million shares on the move. For comparison, its daily average trading volume is about 1 million shares.
AMV stock is up 2.7% as of Tuesday afternoon following larger gains early this morning.
There’s more hot stock market news traders will want to know about below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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