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SPI Energy Shares Surged 66.2% Today, Here’s Why

Simon Mugo trader
Updated 15 Oct 2020

Practice Stock Trading
SPI Energy logo

Shares of SPI Energy Co Ltd (NASDAQ: SPI) today surged 66.2% after the company announced that its wholly-owned subsidiary EdisonFuture Inc. had signed a strategic cooperation framework agreement with Shaanxi Tongjia Automobile Co., Ltd. (“Tongjia”).

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The renewable energy company revealed that EdisonFuture and Tongjia would cooperate on in the customized design, development, production, and sales of a new generation of smart electric pickup trucks and electric logistics vehicles.

Tongjia will supply parts and support to EdisonFuture’s assembly facility in Fresno, California, where EdisonFuture will complete assembly of the vehicles, including the addition of software and other parts produced locally.

EdisonFuture will also be the exclusive North American distributor of all-electric “last-mile” delivery box trucks and pickup trucks currently produced by Tongjia.

“We are very excited to advance our new EV business with a strong partner such as Tongjia,” stated Xiaofeng Peng, Chairman and CEO of SPI Energy.

“As the multi-billion-dollar last-mile delivery market in North America continues to see rapid growth, logistic operators are looking to EV solutions to lower costs and increase profits. Through our partnership with Tongjia we believe we can meet this growing demand.”

SPI Energy share price

Tradingview chart of SPI Energy share price 15102020

SPI Energy shares today surged 66.2% to trade at $11.93 having rallied from Wednesday’s closing price of $7.18.

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Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading