Chrysler's hybrid showcase plan boosts supplier Electrovaya
Jan 27 (Reuters) - Shares of Electrovaya (EFL.TO) jumped 19 percent, after the Lithium ion-battery maker said Chrysler Group LLC's Ram hybrid trucks equipped with its battery system will be showcased at the Washington D.C. auto show.
"The fact that Chrysler is showcasing this vehicle in D.C. is a very big deal," Wedbush Securities analyst Craig Irwin said.
Irwin said there has been a lot of skepticism about what constitutes Electrovaya's relationship with Chrysler, and this is something that gives absolute clarity on the relationship between the two companies.
Electrovaya was selected by Chrysler as a key supplier partner for the RAM Plug-in Hybrid development, which was initiated last year. [ID:nN24175886]
The company's shares, which have lost nearly 9 percent of their value in the last one month, touched a high of C$2.58, before paring some gains to trade at C$2.51 on Thursday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Vyas Mohan)
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