- The stock price of CBAK Energy Technology (NASDAQ: CBAT) increased by over 20% pre-market. This is why it happened.
The stock price of China-based storage battery manufacturing company CBAK Energy Technology (NASDAQ: CBAT) increased by over 20% pre-market. Investors appear to be responding to a report that the company is intending to begin the development on Tesla-invented 4680 battery cells by the end of the year.
Back in September, Tesla held an event called Battery Day. And at the event, Tesla had announced a new tabless 4680 cell form factor. This new form factor increases energy density and features thermal characteristics of smaller cells. Plus it also improves the power-to-weight ratio and it lowers the cost.
Based on a ITDCW report translated by Tasmanian, the “Chinese CBAK Energy Technology has joined the list of battery makers–which includes Panasonic, LG Energy, and CATL–that intend to produce the 4680 cell. CBAK Energy Technology, through its BAK Power division, announced that from 2023 it will also produce 25Ah/1kW peak power density 4680 cylindrical cells on a large scale, initially completing their development and receiving samples by the end of 2021. At the recently held CIBF 2021 exhibition, BAK Power officially unveiled the first domestic 4680 cylindrical battery.”
Dr. Wenguang Fan, the head of BAK’s battery cell research and development department, reportedly said the cells are going to be for mid-range and high-end car batteries. And in addition to increasing power density, fast charging capabilities have been improved. BAK Battery is also reportedly collaborating with several customers on the application and development of large cylindrical batteries.
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