Please ensure Javascript is enabled for purposes of website accessibility

Why SPI Energy Stock Soared Today

By Evan Niu, CFA - Jan 20, 2021 at 10:59AM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The commercial electric vehicle specialist hires an early Tesla employee.

What happened

Shares of SPI Energy (SPI -1.55%) have soared today, up by 18% as of 11:05 a.m. EST, after the company hired early Tesla employee Edmund Shen to be an executive to oversee product management and the supply chain for its Phoenix Motorcars subsidiary. Shen spent seven years at Tesla starting in 2009.

So what

SPI notes that Shen worked on many product development projects at Tesla, contributing to vehicle programs as well as energy storage offerings and the powertrain supply partnerships that Tesla had at the time with traditional automakers like Daimler and Toyota.

A shuttle bus driving

Image source: Getty Images.

"Edmund has a proven track record specializing in leading new product development and new technology start-ups with experience taking products from concept to market launch, with limited resources and in fast-paced environments," Phoenix Motorcars COO Tarek Helou said in a statement. "He intuitively sees the threads of opportunity that wind through a market, brings them together into a coherent whole, and drives technology, productization, and business advantages."

Now what

While SPI is based in Hong Kong, the Phoenix Motorcars subsidiary operates out of California and is working on developing commercial electric vehicles (EVs) such as shuttle buses, school buses, and flatbed trucks. EV stocks have surged over the past year as investors remain optimistic about rising EV adoption across many markets, particularly commercial vehicles.

Additionally, the market is expecting supportive renewable energy policies from the Biden administration, especially since Democrats also control both chambers of Congress.

Invest Smarter with The Motley Fool

Join Over 1 Million Premium Members Receiving…

  • New Stock Picks Each Month
  • Detailed Analysis of Companies
  • Model Portfolios
  • Live Streaming During Market Hours
  • And Much More
Get Started Now

Stocks Mentioned

SPI Energy Co., Ltd. Stock Quote
SPI Energy Co., Ltd.
SPI
$1.90 (-1.55%) $0.03
Tesla, Inc. Stock Quote
Tesla, Inc.
TSLA
$737.12 (4.53%) $31.91
Toyota Motor Corporation Stock Quote
Toyota Motor Corporation
TM
$159.08 (0.99%) $1.56
Daimler AG Stock Quote
Daimler AG
DMLR.Y
$15.53 (0.39%) $0.06

*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.

Motley Fool Returns

Motley Fool Stock Advisor

Market-beating stocks from our award-winning analyst team.

Stock Advisor Returns
336%
 
S&P 500 Returns
115%

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 06/26/2022.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.