Shares of Chinese battery maker CBAK Energy Technology (NASDAQ: CBAT) stock are down 6.5% as of 12:50 p.m. EST Monday, and they’re falling on no obvious bad news. More than that — they are falling despite what appears to be pretty good news.
This morning, CBAK announced that it is partnering with No. 4 Chinese domestic automaker JAC Motors in a three-year strategic agreement to jointly develop “cylindrical lithium-ion batteries and battery packs, including the 46800 model,” for use in JAC electric cars.
As CBAK noted, in addition to its role as a leading Chinese automaker on the domestic market, JAC has exported over 640,000 vehicles to the international market,” which seems to imply the ability for CBAK to expand its reach internationally as well.