Lightning eMotors (NYSE:ZEV) was up 4% and 8% in a week. The stock surged after the company announced the signing of an agreement with general motors (NYSE: GM) to create electric medium-duty commercial vehicles.
Trading Data
On Thursday, ZEV stock gained 4.83% to $4.56 with more than 25.77 million shares, compared to its average volume of 923K shares. The stock moved within a range of $4.5200 – 5.5400 after opening trade at $4.86.
Major Trigger
The company will be the first General Motors Specialty Vehicle Manufacturer offering all-electric Class 3 to Class 6 commercial fleet vehicles. The vehicles will comprise a vast range of electric vehicles like delivery trucks, school, and shuttle buses.
The company’s CEO, Tim Reeser, said they are delighted to work with GM to build their medium-duty truck platform for new EVs. General Motors’ inclusive electrification approach is a good match for Lightning eMotors’ position as a top powertrain supplier. Notably, Lightning eMotors has created an electrification manufacturing approach that is flexible, cost-effective, and scalable for medium-duty specialty vehicles.
Additionally, the approach minimizes operating expenses and contributes to a sustainable environment through zero emissions. So in the coming weeks, investors should keep an eye on ZEV.
Technical Data
ZEV stock is below the 20-Day and 50-Day Moving averages of $5.09 and $6.03 respectively. Moreover, the stock is trading below the 200-Day moving average of $7.61. The stock is up 10% in the past week.
