U Power (NASDAQ:UCAR) stock is continuing a rally on Friday that started yesterday when it announced an agreement with Quantum Solutions.
This saw the Chinese vehicle sourcing services provider enter into a framework strategic cooperation agreement with Quantum Solutions. That’s worth noting, as Quantum Solutions is a Japanese electric vehicle (EV) company listed on the Tokyo Stock Exchange.
This agreement has Quantum Solutions providing U Power with advice on what makes and models to release in Japan. In exchange, U Power will provide the company with battery-swapping technology, products and compatible cloud service platforms.
Jia Li, CEO of U Power, said the following about the collaboration with Quantum Solutions:
“Moving forward, we plan to continue to seek new strategic partners and tap into the potential of Japan’s EV market. We expect to utilize our UOTTA battery-swapping technology to innovate and ultimately expand into Japan’s EV market. We anticipate the partnership will generate substantial value for our shareholders.”
UCAR Stock Movement
News of this collaboration initially sent shares of UCAR stock soaring more than 180% higher during normal trading hours on Thursday. That movement continues today with the company’s stock gaining another 59.2% as of Friday morning.
With the ongoing rally of UCAR stock comes heavy trading. As of this writing, some 21 million shares have changed hands. To put that in perspective, the company’s daily average trading volume is around 6.9 million shares.
Investors keeping an eye out for all of the latest stock market news today will want to stick around!
We have all of the most recent stock market news that traders need to know about on Friday. A few examples of that include what’s going on with shares of Stratasys (NASDAQ:SSYS), Nio (NYSE:NIO) and SentinelOne (NYSE:S) today. You can catch up on all of this market news by following the links below!
More Stock Market News For Friday
- Why Is Stratasys (SSYS) Stock Up 9% Today?
- NIO Stock Alert: China Just Gave Nio a Big Boost
- Why Is SentinelOne (S) Stock Down 37% Today?
On the date of publication, William White 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.
