Why Lithium Battery Stock Enovix Rocketed 24% Higher Today
Enovix (NASDAQ: ENVX) stock skyrocketed today and was trading 10% higher as of noon ET after surging a jaw-dropping 24% earlier in the morning. Enovix is a young company that makes silicon-anode lithium batteries using 3D technology for wearables, smartphones, and computing devices, and its latest updates suggest its products are in high demand.
Enovix shipped its first commercial battery cell units in 2022, and the company is now striving to move from a research and development stage to production. In a letter to shareholders released alongside its fourth-quarter numbers yesterday, Enovix's management announced that the company shipped a record number of 4,442 battery cells in the fourth quarter, exceeding its own estimates.
Importantly, Enovix now plans to more than double its battery cell production sequentially to 9,000 units in the first quarter of 2023 and further maintain the trend in every quarter through 2023. If it hits its goals, the company could produce 180,000 wearable-size cells this year at its only existing manufacturing unit, Fab-1.
Source Fool.com
