Word emerged on Tuesday that President Obama may back a $7,500 tax credit at the point of sale for buyers of electric vehicles such the Chevy Volt made by General Motors (GM). Previously, Senator Debbie Stabenow (D-Mich.) had introduced legislation to this effect. The move is seen as more favorable for the industry than schemes that require the buyer wait until filing taxes before receiving the rebate. That news may be behind the pop in the Energy Strorage and Battery Technology Stocks Index, which is up 2.1% today.
Among the possible winners on the rebate news is A123 Systems (AONE), the Massachusetts-based maker of lithium-ion batteries, which is up 3%. Tesla Motors, Inc. (TSLA), the maker of sporty and expensive electric vehicles, is also surging today with a jump of 7%. Ener1 (HEV), a New York-based lithium-ion battery maker, is also getting a lift on the news, soaring 4%.
Georgia-based Exide Technologies (XIDE) is up after the battery maker reported fiscal third-quarter profit results that topped Wall Street estimates. On an adjusted basis, the company earned 33 cents a share on revenue of $800.3 million. Analysts were expecting a profit of 27 cents a share on revenue of $752.4 million. Shares of Exide Technologies are up 15%.
Johnson Controls (JCI), the second-largest Index member by market value, is up 2% while China player China BAK Battery (CBAK) is up 4%.
Investors can track the Energy Strorage and Battery Technology Stocks Index for performance trends and a suite of other metrics at tickerspy.com.
Tags: AONE, CBAK, GM, HEV, JCI, TSLA, XIDE
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