SPI’s subsidiary signs agreement with Shaanxi Tongjia to work on smart electric pickup trucks and electric logistics vehicles.
Shares of SPI Energy Co Ltd (SPI) have surged up to 66% today after the company announced that EdisonFuture Inc. has signed an agreement with Shaanxi Tongjia Automobile Co., Ltd.
SPI stock is one of the leading stocks in the market today trading at the fourth spot with a volume of 48 million. As we write this at 11:52 A.M. EDT, SPI was trading at $9.57 up by 33.29%. The stock has traded higher in the premarket today before it began the day as high as $12.16.
EdisonFuture is a wholly-owned subsidiary of SPI Energy which has entered into strategic cooperation with Shaanxi Tongjia, a leading manufacturer of all-electric logistic vehicles in China. Both companies will cooperate to develop smart electric pickup trucks and electric logistics vehicles. They will work on the customized design, production, development, and sales of these modern generation electric vehicles.
Tongjia will assist EdisonFuture in supplying parts and support its assembly facility in Fresno, California. The production of vehicles will be completed at the Fresno facility. In addition, the assembling of vehicles will also include software and other parts produced locally.
SPI Energy’s subsidiary will be exclusively distributing all-electric ‘last-mile’ delivery box trucks and other pickup trucks across North American. Currently, most of the pickup trucks are under production by Tongjia.
The Chairman and Chief Operating Officer of SPI Energy, Xiaofeng Peng commented that they are looking forward to this collaboration with a strong partner like Tongjia. Mr. Peng added:
“As the multi-billion-dollar last mile delivery market in North America continues to see rapid growth, logistic operators are looking to EV solutions to lower costs and increase profits.”
The company believes that this strategic partnership will help it to achieve the growing demand.
SPI’s integration into the evolving EV industry is a new step and they are ready and willing to develop as a recognizable brand in the EV market. SPI energy recently launched its subsidiary EdisonFuture, with the aim of developing smart electric vehicles and charging solutions.
EdisonFuture will be based in Silicon Valley in Santa Clara, Calif., focusing on the new and evolving EV technology and enter into collaboration with different top-ranked manufactures.