Elektros Inc. (OTCMKTS:ELEK) Stock Goes Parabolic: Soars 300% On Unusual Volume

Shares of Elektros Inc. (OTCMKTS:ELEK) were the biggest gainers after announcing a big news.

Market Stats

On Wednesday, ELEK stock skyrocketed 300% to $0.52 with more than 7.46 million shares, compared to its average volume of 120K shares. The stock moved within a range of $0.1422 – 0.5900 after opening trading at $0.16.           

Elektros Places Orders for its First Batch of Electric Vehicles – Elektros Sonic

Emerging company in the electric vehicle industry, Elektros Inc. (OTCMKTS ELEK) made an announcement on March 02, 2022, about finalizing a contract with Jiangsu Jinpeng Group Co., LTD, for producing their very first batch of electric vehicles. These EVs will be known as Elektros Sonic.

The production of Elektros Sonic vehicles is already underway, so the company looks forward to strengthening their position in the market, and getting the electric vehicles crash test approved by the U.S. Department of Transportation.

Elektros Inc. strives to build a close and tight-knit rapport with Jinpeng Group – a large manufacturer based out of China that specializes in the development and production of various electric vehicles. As mentioned above, once the Elektros Sonic vehicles are manufactured, Elektros Inc. will submit them for approval of the crash test. If all goes well, more vehicles would be ordered accordingly.

The requirement for electric vehicles is on the rise, and Elektros expects significant consumer demand. Thus, they will prepare accordingly with Jinpeng Group once the Elektros Sonic vehicles are cleared by the US Department of Transportation. It marks the very first step in Elektros’ mission, to provide consumers with a more economical option when it comes to purchasing an electric vehicle.

Traders Corner

ELEK stock is trading above the 20-Day and 50-Day Moving averages of $0.24 and $0.44 respectively. However, the stock is trading below the 200-Day moving average of $1.06.