Why U Power Stock Is Up Big This Week
U Power (NASDAQ: UCAR) stock is making big gains again this week. The electric vehicle (EV) company's share price was up 25.5% from last week's market close prior to the start of today's daily trading session, according to data from S&P Global Market Intelligence.
On June 21, China announced that it would be implementing 520 billion yuan (roughly $72.4 billion) in tax breaks to promote the adoption of EVs and other vehicles that use non-combustion fuel sources. Investors responded by pouring into U Power stock, and its share price is now up 92% over the last month.
China's tax breaks for EVs and other green-energy vehicles had been set to expire this year, but they have been expanded and will now last through 2027. U Power specializes in vehicle sourcing and battery swapping services for EVs and stands to benefit from the new tax breaks.
Source Fool.com
