Romeo Power stock soars to pace NYSE gainers after battery supply pact for Paccar's EVs
Shares of Romeo Power Inc. ran up 40.2% in afternoon trading Tuesday, enough to pace all NYSE gainers, after the energy technology company announced a five-year agreement to supply battery packs and battery management software for Paccar Inc.'s battery electric vehicles (BEVs). Trading volume ballooned to 83.6 million shares, compared with the full-day average of about 6.8 million shares over the past 30 days. Under the agreement, Romeo Power said it will supply batteries for Paccar's Peterbilt 579 and 520 BEVs in the U.S. and Canada through 2025. Paccar shares slipped 0.8% in afternoon trading. Romeo Power's stock is on track to snap a 10-day losing streak in which it plunged 40.2% to Monday's record low close of $8.02. It has shed 50.0% year to date, while Paccar shares have gained 8.1% and the S&P 500 has tacked on 8.6%.
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