Why Atlis Motor Vehicles Shares Are Nosediving Thursday

Atlis Motor Vehicles Inc AMV shares are trading lower by 19.64% to $8.10 Thursday morning, potentially on profit taking, after the stock rallied over 250% Wednesday. The company Wednesday announced it reached 2 gigawatt-hours' worth of battery capacity in the form of customer demand.

What Happened?

Atlis Motor Vehicles says this volume of sales interest in the company's battery pack technology speaks to the market's demand for robust energy solutions and the company's development of quick charging infrastructure.

"Efficiency in packaging and superior heat distribution through advanced immersion liquid cooling make Atlis battery technology a clear solution to the challenges facing customers and partners across a wide range of industries," stated Mark Hanchett, Atlis Motor Vehicles' Founder and CEO.

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"As the first US company to manufacture batteries stateside, we've set out to deliver consistent performance, regardless of conditions, and it is clear the market is responding. This strong demand is encouraging; now it's up to our team to deliver."

According to data from Benzinga Pro, AMV has a 52-week high of $243.99 and a 52-week low of $2.26.