Why CBAK Energy Stock's Decline Is Accelerating

Rich Smith, The Motley Fool
·2-min read
Why CBAK Energy Stock's Decline Is Accelerating

Last week, Chinese automotive battery maker CBAK Energy Technology (NASDAQ: CBAT) announced a deal that verged on the transformative. In a tie-up with Kandi Technologies (NASDAQ: KNDI), CBAK plans to sell $120 million worth of batteries to the Chinese electric-car maker next year alone -- quadrupling its revenue in a single year. Yesterday, you see, short-seller Hindenburg Research released a short report on Kandi Technologies that essentially accused the company of inflating its sales by reporting sales to affiliates as if they were sales to customers.