SPI Energy (NASDAQ:SPI) stock is on the rise Wednesday following news that subsidiary Phoenix Motorcars is launching electric vehicle (EV) charging products in the U.S.
Here’s everything potential investors in SPI stock need to know about the EV charging news.
- The launch includes a wide range of EV charging products to serve both residential and commercial customers.
- That includes AC chargers supplying 30 amps, as well as DC chargers ranging from 30 KW to 180 KW.
- Phoenix Motorcars’ offerings include wall-mounted chargers, as well as pedestal chargers.
- SPI Energy is looking to get in on the EV charging market, which is set to see major gains.
- It was estimated at $15.1 billion in 2020 and could reach $19.3 billion in 2021.
- Estimates have the EV charging market reaching $145.0 billion by 2028.
Joe Mitchell, the CEO of Phoenix Motorcars, said the following about the news boosting SPI stock today.
“The EV industry is scrambling to build out enough chargers to handle the expected wave of EV adoption. We are thrilled to introduce our own proprietary line of EV charging solutions that fulfill customer needs from residential applications to high-volume commercial installations.”
SPI stock is experiencing heavy trading following its EV charging announcement. As a result, the company has moved more than 12 million shares as of Wednesday morning. That’s already well above its daily average trading volume of roughly 564,000 shares.
SPI stock was up 9% as of Wednesday morning but is down 9% since the start of the year.
SPI Energy is far from the only company with news worth looking in on today.
There’s plenty of recent news on Wednesday that investors are going to want to keep up to speed on. A few examples include why Roblox (NYSE:RBLX) is falling today, what to think of DraftKings (NASDAQ:DKNG) after yesterday’s short report, and why Chinese EV stocks are down this morning. You can find all that news, and more, at the links below!
More Stock Market News for Wednesday
- RBLX Stock: The Disappointing News Hitting Roblox Shares Today
- Is DKNG Stock a Buy After the DraftKings Hindenburg Research Attack?
- Chinese EV Stocks: Why XPEV, NIO, LI Stocks Are Hitting the Brakes Today
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.
