(C) Reuters. Is CBAK Energy a Good Electric Vehicle Stock to Add to Your Portfolio?
China is the world’s largest EV market, and its battery market has also been witnessing a steady transformation. As a result, shares of lithium batteries producer CBAK Energy Technology (CBAT) have surged more than 880% over the past year. However, the stock has declined 38.2% over the past three months. So, read ahead to learn whether CBAT is a good addition to one’s portfolio now or is it susceptible to further pullback.The electrification of the auto industry is now one of the major industrial trends of the century. Governments the world over are committed to reducing pollution and greenhouse gasses. Consequently, the world is gradually shifting from internal combustion vehicles to electric vehicles (EVs). The Chinese EV market, or what it calls “new-energy vehicles,” is booming. China-based manufacturers account for most global EV deliveries. As such, there have been incredible opportunities for EV battery producers there.
A case in point is China-based CBAK Energy Technology, Inc. (CBAT). CBAT is a leading high-tech enterprise that develops , manufactures, and sells new energy high power lithium batteries. The applications of the company’s products and solutions include EVs, light EVs, electric tools, energy storage, uninterruptible power supply (UPS), and other high-power applications.
Capitalizing on the favorable industry trends, the stock has gained a whopping 883% over the past year. However, shares of CBAT have been stumbling lately and have lost 38.2% over the past three months.
Is CBAK Energy a Good Electric Vehicle Stock to Add to Your Portfolio?
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