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VivoPower (VVPR) Stock Rallies on Manufacturing Collaboration With Toyota

Sam Boughedda
Sam Boughedda trader
Updated 23 Jun 2021

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Vivopower

Nasdaq-listed corporate decarbonisation firm VivoPower’s (NASDAQ: VVPR) shares are rallying premarket after announcing an exclusive manufacturing collaboration with Toyota.

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Toyota Australia will integrate VivoPower’s conversion kits to electrify its Land Cruiser vehicles, turning chassis initially destined to be diesel into EVs with VivoPower batteries and electric motors.

The deal follows two years of collaboration and field trials in the Australian mining sector.

Toyota sells approximately 400,000 Land Cruisers a year worldwide, with over 25,000 sold in Australia in 2020.

Edison lead analyst David Larkham said the deal is a “major milestone” and a “real step change for VivoPower to move from re-kitting existing vehicles to being an integrated part of the manufacturing process.”

VivoPower’s share price is trading at $8.10 premarket, up 10.96% following a 4.1% gain on Tuesday. In the past 12 months, VVPR shares have gained over 444%.

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Sam Boughedda
Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.