Tritium (NASDAQ:DCFC) stock charging higher on Tuesday after the company revealed the location of its next U.S. manufacturing factory.
This new facility is coming to Lebanon, Tenn., which is just a short drive away from Nashville. Tritium notes that it will be dedicated to the production of electric vehicle (EV) chargers. That includes six lines that will hand its DC fast chargers, such as the PKM150 models.
According to a new release, production at this new facility is slated to begin in the third quarter of 2022. Tritium says it expects the factory to add 500 jobs to the area over the course of the next five years.
Jane Hunter, CEO of Tritium, said the following in the press release sending DCFC stock up today.
“Tritium’s investment in a U.S.-based, cutting-edge facility for manufacturing is part of our strong push toward global growth in support of the e-mobility industry. We are thrilled to work with the U.S. Federal government and the State of Tennessee on this initiative. With the help of the hard-working residents of Tennessee, we expect to double or even triple our charger production capacity to further our product distribution throughout the United States.”
News of the new factory has shares of DCFC seeing heavy trading today. As of this writing, more than 20 million shares of the company’s stock have been traded. For comparison, its daily average trading volume is roughly 766,000 shares.
DCFC stock is rising 44.2% as of Tuesday afternoon.
Investors looking for more stock market news for today will want to stick around!
We’ve got all the most recent stock coverage that traders need to know about for Tuesday. That includes what’s happening with shares of Novavax (NASDAQ:NVAX), GameStop (NYSE:GME), and Ucloudlink (NASDAQ:UCL) stock today. You can get all of these details by checking out the following links below!
More Stock Market News for Tuesday
- NVAX Stock Alert: Why Is Novavax Plunging Today?
- Ryan Cohen Thrusts GME Stock Into the Spotlight With New GameStop App Announcement
- UCL Stock: What’s Behind Telecom Penny Stock uCloudlink’s Wild Week?
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.
With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed