CBAK Energy: Gains on plans to expand lithium battery production capacity

CBAK Energy Technology

03/02/2021 14:53

** Shares in lithium-ion battery manufacturer  CBAT.O  up
4.3% at $7.79 in morning trade
    ** CBAT announces production capacity expansion in China's
Nanjing and Dalian in anticipation of increasing client orders
    ** For its Nanjing manufacturing plants, co plans to attain
a total capacity of 8 GWh per year to produce lithium batteries
for light electric vehicles, electric vehicles and energy
storage industries
    *** Expects to achieve capacity expansion through two phases
of construction  urn:newsml:reuters.com:*:nPn2zhsjRa
    ** "In anticipation of continuously rising market demand, we
are investing aggressively in our production capacity expansion
and existing facilities renovation," CEO Yunfei Li says
    ** Stock up ~48% YTD, as of last close 

 (Reporting by Arundhati Sarkar in Bengaluru)
 ((Arundhati.Sarkar@thomsonreuters.com;
twitter.com/Arundhati_05; +1 646 223 8780 Ext: 2776))