Why Is Zapp Electric Vehicles (ZAPP) Stock Up 173% Today?
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Zapp Electric Vehicles (NASDAQ:ZAPP) stock is rocketing higher on Thursday after the electric vehicle (EV) company signed a memorandum of understanding for a new contract manufacturing partner.
Zapp Electric Vehicles intends to sign on Bounce Electric 1 Private Limited as its new manufacturing partner in India. This will have the company handle the sales of Zapp Electric Vehicles’ i300 electric moped in India.
Zapp Electric Vehicles notes that Bounce Electric 1 Private Limited will assist with the assembly of i300 EVs in India. This clears the way for the company to focus on its commercial rollout of the i300 in Europe and Thailand this summer.
Zapp Electric Vehicles founder and CEO Swin Chatsuwan said the following about the news.
“India is one of the largest markets in the world for sales of two-wheelers and the number of premium models sold there is estimated to be more than four times the number of all models sold in the US. Bounce already operates a certified vehicle assembly facility in India, so this partnership is expected to accelerate Zapp’s commercial rollout in that country.”
ZAPP Stock Movement Today
With all of this news comes heavy trading of ZAPP stock on Thursday. This has more than 27 million shares changing hands as of this writing. That’s a massive surge compared to its daily average trading volume of about 137,000 shares.
ZAPP stock is up 172.7% as of Thursday afternoon.
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On the date of publication, William White did not have (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.
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