- Happiness Development (NASDAQ:HAPP) is expanding EV development.
- It also announced a deal for up to 2,000 EVs.
- That deal could generate up to $30 million for the company.
Happiness Development (NASDAQ:HAPP) stock is charging higher on Wednesday after the Chinese nutrition company announced plans to develop electric vehicles (EVs).
The EV announcement today comes alongside news that the company already has an order for its planned EVs. This has Fujian Yiluba Automobile Service Consulting agreeing to purchase up to 2,000 EVs from Happiness Development subsidiary Taochejun.
Happiness Development notes that this deal is set to take place over the next three years. It also points out that it has a total value of $30 million if Fujian Yiluba Automobile purchases all 2,000 EVs allowed in the agreement.
Happiness Development points out that Fujian Yiluba Automobile intends to use the EVs in partnerships with ride-hailing services. The goal is to expand the reach of its operations through these types of collaborations.
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Xuezhu Wang, CEO of Happiness Development, said this about today’s EV news.
“Taochejun’s brand and its distribution ability are being recognized by a number of car manufacturers, large auto trading companies, and now a large auto service company. We believe that with the increasing orders, HAPP’s automobile business will achieve optimistic results for the following years.”
HAPP stock is experiencing heavy trading today as investors react to the EV agreement. This has more than 47 million shares on the move as of this writing. That’s a massive leap over its daily average trading volume of around 368,000 shares.
HAPP stock is up 38.6% as of Wednesday morning.
There’s more stock market news that investors will want to know about below!
InvestorPlace has all the latest stock market coverage for Wednesday! That includes what’s happening with shares of Genocea Biosciences (NASDAQ:GNCA), Lyft (NASDAQ:LYFT), and Express (NYSE:EXPR). You can read up on this news at the following links!
More Wednesday Stock Market News
- Genocea Biosciences Is Shutting Down. What GNCA Stock Investors Should Know.
- LYFT Stock Hits New 52-Week Low as Lyft Looks to Cut Costs
- Express (EXPR) Stock Pops 9% After Better-Than-Expected Q1 Earnings
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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