Shares of CBAK Energy Technology (NASDAQ:CBAT) stock are rising on Wednesday after a report emerged saying that the firm will start developing Tesla (NASDAQ:TSLA)-inspired 4680 battery cells by the end of 2021.
The China-based battery manufacturer now joins three other companies with plans to produce the specific battery for Tesla. And according to the report, CBAK “announced that from 2023 it will also produce 25Ah/1kW peak power density 4680 cylindrical cells on a large scale, initially completing their development and receiving samples by the end of 2021.”
At its Battery Day back in September 2020, Tesla unveiled its tabless 4680 battery cell. This specific design helps the electric vehicle (EV) firm “reduce the cost of batteries for electric vehicles while boosting their range.” That said, CBAK Energy revealed the first domestic 4680 cylindrical battery at the recent CIBF 2021 exhibition.
CBAT stock has been on fire over the past year, up 1,180% over the past 52 weeks. And with the stock’s market capitalization jumping to more than $450 million, there is plenty to like about CBAK Energy.
CBAT stock was up 2% as of Wednesday morning.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick Clarkson is a web editor at InvestorPlace.