SPI Energy surges 72% as its electric vehicle subsidiary announces partnership to design and sell pickup trucks

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  • Shares of SPI Energy surged as high as 72% on Thursday after the solar company announced that its EV subsidiary, EdisonFuture, entered into a partnership with electric pickup truck manufacturer Tongjia.
  • The partnership places SPI Energy as the exclusive North American distributor of Tongjia's electric pickup trucks and electric logistics vehicles.
  • Shares of SPI Energy are up nearly 415% year-to-date. The stock soared 4,300% in September after the EdisonFuture subsidiary was announced.

Shares of SPI Energy rose as much as 72% on Thursday after the solar company announced that its EV subsidiary, EdisonFuture, has entered into a strategic partnership to design and sell smart pickup trucks with Shaanxi Tongjia Automobile, a Chinese electric vehicle manufacturer.

The partnership will place SPI Energy as the exclusive North American distributor of the electric pickup trucks and electric logistics vehicles currently being manufactured by Tongjia.

According to the press release, Tongjia will supply parts to EdisonFuture's Fresno, California factory, and EdisonFuture will assemble the vehicles and then distribute them.

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SPI Energy surged over 4,300% on September 23 after it announced the launch of EdisonFuture. Although its shares dipped in the weeks following the rally, they are still up nearly 415% year-to-date.

SPI Energy manufactures and distributes solar photovoltaic energy solutions for businesses and residential customers, with operations in the US, Europe, Japan, and Australia.

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