SPI Stock Price: Over 35% Increase Pre-Market Explanation

By Amit Chowdhry ● June 9, 2021
  • The stock price of SPI Energy Co Ltd (NASDAQ: SPI) increased by over 35% pre-market. This is why it happened.

The stock price of SPI Energy Co Ltd (NASDAQ: SPI) increased by over 35% pre-market. Investors are responding positively to California-based Phoenix Motorcars — a group company of SPI Energy Ltd. (NASDAQ:SPI), a global renewable energy company and provider of solar storage and electric vehicle (EV) solutions for business, residential, government, logistics and utility customers and investors — started the series production of its first third-generation drivetrain products. The first 3 units were completed out of the Ontario facility recently, ready for delivery to customers.

Phoenix Motorcars is known as one of the earliest medium-duty electric vehicle manufacturers, celebrating over 2.3 million electric miles driven and has over 45 fleet customers. And Phoenix launched its first electric drivetrain in 2009 and sold its first commercial EV in 2014. 

The shuttles and trucks were built on the Ford E-450 platform. And following the first-generation drivetrain, Phoenix Motorcars improved on its technology a bit further, then today announced its completion and production of its third-gen drivetrain used in the service truck configuration.

KEY QUOTE:

“With our third generation coming to market, we are confident in our ability to offer the best and most customizable options to our extensive lists of customers including fleets ranging from municipalities, cities, transit agencies, airports, parking companies, universities, and corporate campuses. The amazing team here at Phoenix has worked incredibly hard to deliver this best-in-class product and inspire the transition to commercial electrification. We look forward to continued growth and expansion of our product lines with the support of SPI.” 

— Joe Mitchell, Phoenix Motorcars CEO

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.