Normally, using the word “explode” in connection with an electric vehicle company stock like Atlis Motor Vehicles (NASDAQ:AMV) would be the start of a disaster. However, when you’re talking about the stock that closed up over 276% in trading on Wednesday, it’s about the best news you could hear. Especially if you already bought in.
What prompted that incredible power surge for this electric vehicle supplier? Atlis supplies batteries for electric vehicles while also making trucks itself, and early on Wednesday, Atlis crossed a major milestone. It reached a point where it has orders—or preliminary orders—for two gigawatt-hours worth of electricity. For a little perspective, the City of New York—all five boroughs and Westchester—consumed 60,000 gigawatt-hours all of last year. So two gigawatt-hours in one battery company is a major step.
Atlis also has a mark of distinction on its side, as it’s considered part of the modular electric skateboard platform market. That market should be thriving by 2030, and Atlis is going to have a big part of it. The only question left will be just how well Atlis can deliver on these impressive order figures. If it fails to deliver, this potential will be shot, and possibly, irreparably.
But, based on word from the founder and CEO, Mark Hanchett, Atlis stands to make itself a major operation if it can deliver. It already offers significant advantages, like “efficiency in packaging” and “superior heat distribution.” Couple that with the ability to turn around big orders, and Atlis could be unstoppable.
Atlis led off well from its IPO back in September but couldn’t hang on to the gains from there. The last five days, meanwhile, showed the company plateau at around $2.80 per share until today’s incredible upward move.
