Benzinga | Sep 25, 2020 02:34PM EDT

Why CBAK Energy's Stock Is Trading Higher Today

CBAK Energy Technology (NASDAQ:CBAT) shares are trading higher on Friday amid volatility in the overall electric vehicle space this week following Tesla's battery day event and California's plans to phase out gas-powered cars starting in 2035.

CBAK Energy Technology is engaged in the manufacture, commercialization, and distribution of a variety of standard and customized lithium-ion high power rechargeable batteries which are mainly used in electric vehicles, light electric vehicles, electric tools, energy storage, uninterruptible power supply, and other high power applications.

CBAK Energy Technology shares were trading up 69.26% at $2.28 at the time of publication on Friday. The stock has a 52-week high of $3.75 and a 52-week low of 36 cents.