SPI Energy rises after co launches next-gen electric pickup truck

SPI Energy Co

12/07/2021 15:29

** SPI Energy shares up 11.5% at $6.81, rises to nearly
1-mth high $7.73, after co announces all-electric pickup truck
    ** Renewable energy firm says wholly owned EdisonFuture and
Phoenix Motor subsidiary launch next-gen EF1-T, developed in
partnership with Icona and leading automaker partners  urn:newsml:reuters.com:*:nACSV6zFza
    ** Co says trucks harness power of the sun to recharge the
batteries, enabling work vehicles to continuously charge while
in the field
    ** About 2.9 mln pickup trucks were sold in the U.S. last
year, making up ~20% of the entire market, according to Cox
Automotive. Its data https://www.coxautoinc.com/market-insights/consumer-snapshot-electric-pickup-trucks
 shows nearly 2-in-5 consumers in the market for a pickup truck
over next two years are considering an electric pickup truck
    ** ~11.2 mln SPI shares have traded as of 1020 EDT vs
stock's 10-DMA of ~460k, per Refinitiv data
    ** With move on Mon, stock down ~15% YTD

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))