Nxu Inc. (NXU) Shares Soar Over 46% After Cybertruck Charging Milestone
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Nxu Inc. (NXU) Shares Soar Over 46% After Cybertruck Charging Milestone

Nxu Inc. shares soared over 46% after the company successfully charged a Tesla Cybertruck using its NxuOne Charging System.
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Nxu Inc. (NASDAQ: NXU) made waves in the electric vehicle industry on February 26th by successfully charging a Tesla Cybertruck using its proprietary NxuOne Charging System. The landmark demonstration highlights NxuOne as the first publicly available dual-technology charging solution compatible with the highly anticipated Cybertruck. As a result, shares of Nxu Inc. soared over 46% during trading as investors responded to the company’s major step toward universal EV charging interoperability.

NXU Charges a Tesla Cybertruck with its NxuOne Charging System

In a breakthrough charging demonstration on February 26, 2024, Nxu Inc., a U.S.-based technology company specializing in EV charging and energy storage solutions, successfully charged a Tesla Cybertruck using its NxuOne Charging System. This was the first time a non-Tesla DC fast charging station powered a charging session for the recently released Cybertruck.

The event highlighted the NxuOneTM as the only currently available universal dual-technology solution for public charging, proving its compatibility with the Cybertruck. Until now, Tesla Superchargers were the sole public charging option for Cybertruck owners. Using third-party chargers like the NxuOneTM system represents a significant step forward for NACS (North American Charging Standard) interoperability and charging accessibility for drivers of the electric pickup truck.

According to Nxu Inc., this achievement underscores their commitment to advancing EV charging technology and providing efficient, reliable, and innovative charging solutions for all EV owners. As a domestic technology company focused on e-mobility and energy storage, Nxu aims to drive the future of energy through its intellectual property and innovations. While projections contain risks and uncertainties, Nxu expects to continue supporting the growth of EVs through industry-leading grid storage solutions, charging infrastructure, and cloud management.

NXU Shares Soar at Market Open

Shares of Nxu Inc. soared 46.39% to $1.17 as of 09:37 AM EST. The previous close for NXU was $0.7992. The technology company opened at $0.7940 before rising to a day’s high of $1.2900. NXU traded within a range of $1.07 to $1.29, with volume hitting 23,638,168 shares compared to a 65-day average of 1,523,118 shares. NXU, recently valued at a market capitalization of $3.607 million, reported a negative EPS (TTM) of -88.8000 and lacked a PE ratio. Over 52 weeks, shares of Nxu Inc. have traded between $0.7070 and $151.5000. Analysts have set a 1-year price target of $112.50 for the company.

Do you think the NXU could be a major player in the US EV market? Let us know in the comments below.

Disclaimer: The author does not hold or have a position in any securities discussed in the article.