Lightning eMotors, Inc. (ZEV) stock gained in the current market after the company announced a deal with General Motors. ZEV values at around $5.00, gaining more than 15.07% from the previously closed value. The stock of ZEV closed at $4.35 at the end of the previous trading session. The stock volume traded in the last trading session was around $1.09 million shares.
Lightning eMotors, Inc. (ZEV) agreement with General Motors
Lightning eMotors, Inc. (ZEV) announced in a news release that they had struck a deal with General Motors. With this deal, they became the first GM Specialty Vehicle Manufacturer (SVM) to produce electric Class 3 through Class 6 commercial vehicles.
Numerous vehicle applications can benefit from this arrangement, including buses, delivery trucks, work trucks, and more. Lightning eMotors will electrify General Motors’ famous medium-duty truck platforms.
For eligible Specialty Vehicle Manufacturing customers, General Motors Fleet offers a choice of platforms for the up-fitting of vehicles across a wide range of industries and applications.
CEO statement about the deal
According to its CEO, electric trucks based on GM’s medium-duty truck chassis will be the focus of the company’s next round of development. Lightning’s position and status as a top powertrain supplier in the commercial vehicle sector are perfect for GM’s inclusive approach to electrification. For commercial cars and commercial vehicle powertrains that require years of custom software and on-the-road testing, Lightning has products in fleet usage and is available for customers to implement this year.
The interest of institutional investors in ZEV stock
Morgan Stanley increased its investment in Lightning eMotors by 17.8% in Q3. Morgan Stanley now owns 66,164 shares of the company’s stock worth $566,000. It is an increase of 9,982 shares from last quarter. Other institutional investors have lately increased or decreased their stakes in the company. Hedge funds and different institutional investors hold 6.62% of the company’s stock. Advisor Group Holdings Inc. invested $29,000 in ZEV. Wells Fargo & Company MN and Penserra Capital Management LLC bought around $68,000 worth of stock.
Conclusion
Currently, the ZEV stock is rated as Hold, and analysts expect it to incline in the upcoming months. The stock might be overvalued now, and investors should wait for a dip to purchase its stock.
