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DALIAN, China - CBAK Energy Technology, Inc. (NASDAQ: CBAT), a $98 million market cap battery manufacturer whose stock has shown strong momentum with a 21% gain over the past six months according to InvestingPro, announced Wednesday that its research and sales teams recently met with China First Automotive Works (FAW) Group Co., Ltd. at FAW’s headquarters in Changchun.
The meeting, led by Suijun Shang, Principal of CBAK Energy’s Academy of Research & Development, focused on potential collaboration opportunities, including the possible supply of CBAK’s upcoming Model 46950 battery cell to the automaker.
According to the company’s press release, the Model 46950 cell is currently under laboratory testing and expected to launch next year. The cell will be available in two variants using either NCM (Nickel Cobalt Manganese) chemistry or a hybrid of LMFP (Lithium Manganese Iron Phosphate) and NCM.
CBAK Energy claims these new cells will deliver energy density approximately 65.64% and 22.70% higher, respectively, than its current Model 32140 cell. The company also states the new models will support 4C fast charging, twice the capability of its existing product.
Zhiguang Hu, Chief Executive Officer of CBAK Energy, described the meeting as "meaningful discussions" and indicated it represents the company’s intention to return to the electric vehicle battery market.
CBAK Energy, which became a Nasdaq-listed company in January 2006, manufactures lithium-ion and sodium-ion batteries in China with operations in Dalian, Nanjing, and Shaoxing.
The information in this article is based on a company press release statement.
In other recent news, CBAK Energy Technology, Inc. has secured an $11.6 million battery order from a leading electric vehicle company in Africa. This order is part of a strategic partnership aimed at enhancing sustainable mobility across the continent. Additionally, CBAK Energy received a follow-up order from Livguard, an Indian energy solutions company, valued at approximately $3 million, bringing their total business with Livguard to $7.9 million. In a move to deliver value to shareholders, CBAK Energy’s Board of Directors has authorized a share repurchase program of up to $20 million. The company also announced significant changes in its board of directors, with Mr. Yunfei Li resigning as Chairman and Mr. Jiewei Li, the current CFO, being appointed as a new director. Furthermore, CBAK Energy has entered a strategic partnership with Kandi Technologies Group, Inc. to build two lithium battery production facilities in the United States. The collaboration aims to meet the growing demand for off-road vehicles in North America and leverage U.S. clean energy incentives. These developments highlight CBAK Energy’s ongoing efforts to expand its market presence and enhance its operational capabilities.
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