Cbak Energy Technology Inc Stock Price, News & Analysis

CBAK Energy Technology, Inc. (NASDAQ: CBAT) has completed its acquisition of an 81.56% stake in Zhejiang Hitrans Lithium Battery Technology Co., enhancing its supply chain in the lithium-ion battery sector. Hitrans, recognized for its NCM precursors and cathode materials, boasts a production capacity of 12,000 tons, set to expand to 50,000 tons by 2023. This strategic move positions CBAK to leverage growing opportunities in the electric vehicle market amidst rising supply chain challenges. CEO Yunfei Li expressed optimism about the acquisition's potential benefits for both companies.

CBAK Energy Technology, Inc. (NASDAQ: CBAT) has commenced operations at its lithium battery manufacturing plant in Nanjing, China, with an initial annual capacity of 0.7 GWh for its new 32140 battery model, targeting light electric vehicles. The company plans to expand this capacity to 2 GWh by late 2022 and has raised the second phase capacity to 18 GWh due to increased demand. Additionally, its Dalian facility has started a new production line, although operations may be suspended due to local COVID-19 containment measures.

CBAK Energy Technology reported its unaudited financial results for Q3 2021, showcasing strong growth in high-power lithium battery revenues of $9.6 million, up 51% year-over-year. However, gross profit declined 17% to $1.1 million, with a gross margin of 12%. Despite the overall decline in net income, which soared to $20 million compared to just $41,715 a year prior, operating losses increased to $3.2 million. The company also reported a substantial rise in operating expenses due to headcount growth and R&D costs, while cash reserves decreased from $33.3 million to $2 million.

CBAK Energy Technology, Inc. (NASDAQ: CBAT) will announce its third-quarter financial results on November 12, 2021, prior to the U.S. market opening. Management will host a conference call at 8:00 AM ET to discuss the results. Participants must register in advance to receive access details. The event will be accessible through a live and archived webcast. CBAK, a leading lithium-ion battery manufacturer, focuses on products applicable in electric vehicles and energy storage solutions.

CBAK Energy Technology, Inc. (NASDAQ: CBAT), a prominent lithium-ion battery manufacturer, announced its participation in the JPMorgan China EV Battery Supply Chain Forum on September 9, 2021. During the event, CBAK management will host a fireside chat and conduct one-on-one meetings with institutional investors. Founded in 2006, CBAK is a leader in high-power lithium battery production for applications like electric vehicles and energy storage. The company's main operations are based in Dalian and Nanjing, China. For further details, visit www.cbak.com.cn.

CBAK Energy Technology, Inc. (NASDAQ: CBAT) announced that its subsidiary, Dalian CBAK Power Battery Co., has received performance certification from SGS for its Special 26650 lithium-ion battery, designed for ultra-low temperature applications. CBAK Power is the first in the world to achieve this certification following extensive testing at temperatures ranging from -50°C to 30°C. CEO Yunfei Li highlighted this milestone as evidence of the company's technological leadership and operational efficiency, aimed at expanding its product portfolio to meet diverse market demands.

CBAK Energy Technology, Inc. (NASDAQ: CBAT) reported strong financial results for Q2 and H1 2021.

Net revenues reached $5.9 million, a 27% increase year-over-year, with gross profit soaring 1,148% to $1.1 million, enhancing gross margin to 18.6%.

For the first half, net revenues were $15.3 million, up 33%, with a net income of $32.3 million, compared to a net loss in 2020. The company is expanding production capacity to meet rising demand and has announced plans to acquire Zhejiang Meidu Hitrans to strengthen its supply chain.

CBAK Energy Technology, Inc. (NASDAQ: CBAT) issued a correction to a previous press release on July 26, 2021, regarding its acquisition of a majority stake in Zhejiang Meidu Hitrans. The correction clarifies that Hitrans deals in cathode materials, not anode materials as previously stated. This adjustment does not affect other disclosures made in the initial announcement.

CBAK Energy specializes in high-power lithium batteries for diverse applications, including electric vehicles and energy storage.

CBAK Energy Technology, Inc. (NASDAQ: CBAT) will release its unaudited financial results for Q2 and the first half of 2021 on August 16, 2021, before U.S. market opens. A conference call will be held at 8:00 AM ET on the same day, providing an opportunity for stakeholders to discuss results and insights. Interested participants should register in advance to join the call. CBAK Energy, a leading lithium-ion battery manufacturer, continues to operate in a competitive market, focusing on high-power applications in electric vehicles and energy storage.