Why Lightning eMotors Stock Soared Today

Technology stocks and the Nasdaq Composite index may be moving down more than 2.5% today, but one name in the electric vehicle (EV) sector is bucking the trend. The stock of vehicle electrification company Lightning eMotors (NYSE: ZEV) soared as much as 27.4% early Thursday after it announced an agreement with General Motors. While it pared down some of those gains, Lightning eMotors shares remained up 11% as of 2:05 p.m. ET.

The companies agreed to collaborate to provide fully electric Class 3 through Class 6 commercial fleet vehicles for GM customers. General Motors will provide the truck platforms, and Lightning eMotors will electrify medium-duty vehicles to create zero-emission solutions for fleet vehicles "which can be used for several vehicle applications like school buses, shuttle buses, delivery trucks, work trucks and more," according to a company statement.

Source Fool.com