Shareholders of Jiuzi Holdings (NASDAQ:JZXN) stock just received two exciting news items today. First of all, Jiuzi is gearing up to introduce a customized micro-electric passenger vehicle, the company’s first custom electric vehicle (EV). Furthermore, Jiuzi’s subsidiary — Hangzhou Jiuyao New Energy Automobile Technology — has already ordered 5,000 of these vehicles from a Dongfeng Sokon Motor subsidiary. Now, JZXN stock is firmly 8% in the green in light of the news.
Headquartered in China, Jiuzi Holdings has “51 operating franchise stores” and one company-owned store in its home country. It’s a small but up-and-coming EV maker with some strong expansion potential.
Evidently, part of that expansion is Jiuzi’s debut of its very first customized EV. To assist with this, Dongfeng Sokon Motor will deliver 5,000 of the micro-electric passenger cars. These will be customized especially for Jiuyao, based on a reportedly “best-selling model” called the Dongfeng Mini EV Candy.
What’s Happening with JZXN Stock?
It looks like JZXN stock investors are finally catching a break today. Shares rallied more than 25% in early trading, although they have pulled back somewhat as of this writing.
This marks a much-needed boost for Jiuzi investors this year. Not long ago, the company received a minimum bid price deficiency notice from the Nasdaq exchange. So, it would be extremely helpful if the bulls could push JZXN above the $1 level. Will the introduction of this new EV do the trick?
That remains to be seen. Hopefully, Jiuzi will be successful in commercializing these customized cars to the public in China. At the very least, its custom EVs should be visually appealing inside and out. Reportedly, they will include a “stylish Jiuyao logo, dazzling wheel hubs, leather car seats, smart remote control function, and an extended battery range for up to 220 kilometers.”
There’s a lot at stake here for Jiuzi Holdings as the automaker introduces its new EVs. Just maybe, the vehicles can power JZXN stock safely back above the crucial $1 mark.
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On the date of publication, David Moadel did not hold (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.