Why Nxu Stock Is Charging Higher Today

Nxu, Inc. NXU shares are trading higher Wednesday after the company announced that it has secured a patent protecting the design for a locking mechanism in the NxuOne charging handle.

The Details:

Nxu stated that it also secured a second patent protecting its proprietary thermal management solution for electric vehicle batteries.

“From battery technology, vehicles, and charging, Nxu continues to innovate, owning the technology development that brings long-term strategic value to our shareholders and our customers,” said Nxu CEO Mark Hanchett.

Nxu shares are moving on heavy trading volume following the company’s announcement. According to data from Benzinga Pro, more than 20.56 million shares have been traded in the session, surpassing the stock’s 100-day average volume of just over 588,000 shares.

Additionally, 11.57% of Nxu shares are being short short which may be contributing to the stock’s large price move.

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NXU Price Action: According to Benzinga Pro, Nxu shares are up 13% at $1.43 at the time of publication.

Image: Nerijus jakimavičius from Pixabay