DCFC Stock Alert: The News Giving EV Charging Play Tritium a Huge Jolt Today

Tritium (NASDAQ:DCFC) stock charging higher on Tuesday after the company revealed the location of its next U.S. manufacturing factory.

an electric car plugged in for charging, representing DCFC electric car stocks

Source: buffaloboy / Shutterstock.com

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!

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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.

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