Mentioned:
Two publicly traded companies are coming together to bet on lithium battery production in America. But, why?
What’s happening:
- CBAK Energy Technology (NASDAQ: CBAT) and Kandi Technologies (NASDAQ: KNDI) have formed a new strategic partnership to build new lithium battery production facilities in the United States of America
Why it matters:
- Both CBAK Energy Technology and Kandi Technologies were originally founded in China and their new partnership represents one of their first major moves towards bringing their operations into North America
Going deeper:
- Kandi Technologies and CBAK Energy Technology will build two separate lithium battery facilities in America, with one focused on battery pack assembly and one focused on battery cells
- The new batteries that Kandi Technologies and CBAK Energy Technology will produce will primarily be used for off-road vehicles such as golf carts and UTVs
The fine print:
- It is still unclear where the final locations of the new lithium battery production facilities will be or when construction will officially begin
