Romeo Power inked a supply that is long-term with Paccar (PCAR) to deliver battery packages, modules and battery management systems for the commercial vehicle maker’s battery electric vehicles. RMO stock surged.
Romeo will supply battery pack technology for Paccar’s Peterbilt 579 and 520 BEVs into the U.S. and Canada through 2025. Manufacturing is slated to begin with in 2021.
Launched in 2016 and headquartered in Los Angeles, Romeo Power supplies batteries to energy vehicles being commercial. The organization went general public in with a SPAC merger december.
Romeo reported a per share loss of 24 cents in Q4 vs. 18 cents a earlier year. Income rose 48per cent vs. a previous to $4.65 million 12 months. Romeo sees 2021 revenue of $18 million to $40 million, far below prior quotes.
Today stocks rocketed 59.6% to shut at 12.80 regarding the stock exchange. Romeo stock remains well off its high that is all-time of intraday on Dec. 28, in accordance with MarketSmith chart analysis.
RMO stock took a razor-sharp change downward after the company announced profits thirty days that is late last. The fall came as administration signaled that near-term manufacturing and income is constrained by the shortage that is worldwide battery pack mobile supply.
Romeo stock trades below its 10-week and lines which can be 50-day. Its energy that is relative line trending upward again after decreasing for all months, Meta News reported.
Tuesday Rival EV battery stock QuantumScape (QS), a development-stage business, finished flat. Tesla (TSLA), which sells batteries for non-EV purposes, ticked up 0.1%.
The sum total worldwide market that is addressable commercial automobiles is expected to be roughly $665 billion with more than 17 million vehicles offered yearly. The TAM is approximated become more or less $225 billion with more than 7 million cars sold yearly in North America and Europe.
Romeo Power‘s customer base represents almost 70% for the North America Class 8 market, in accordance with a business statement that is current.
Online giant that is retail (AMZN) as well as delivery leaders UPS and FedEx (FDX) are going quickly to electrify their fleets. Romeo Power inked a supply that is long-term with Paccar.