Zap! Tritium (NASDAQ:DCFC) share price rockets another 65%. What's next?

Tritium has had a massive week so far. Here are all the details.

| More on:
person charging lithium electric vehicle battery

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Key points

  • The Tritium share price launched another 65% in Wednesday's session
  • That brings its gains for this week so far to a whopping 133%, mostly spurred by news that it's building a new manufacturing facility in Tennessee 
  • That facility is expected to open before the end of the September quarter after which the company plans to expand its manufacturing capabilities in Europe

It's been a big week of news for Tritium DCFC Ltd (NASDAQ: DCFC), and today is no different.

While most of Australia slept last night, the Brisbane-based designer and manufacturer of electric vehicle fast chargers saw its stock take off, gaining 64.57% in Wednesday's session.

That's on top of Tuesday's 40% gain. As of Wednesday's close, which occurs on Thursday morning AEDT, the Tritium share price is US$15.70.

However, it's dropped 8% in after-hours trading.

Let's take a look at what's been driving the Tritium share price and the company's future plans.

What's electrifying the Tritium share price this week?

As The Motley Fool Australia reported yesterday, Tritium CEO Jane Hunter met with United States President Joe Biden on Tuesday to announce a new manufacturing facility to be built in Tennessee.

The facility will produce 10,000 electric fast chargers each year, with the capacity to produce up to 30,000 annually.

The news came as President Biden announced that US$5 billion of a US$7.5 billion fund package will be dispatched to states this week.

The funds will go towards installing what he says will be "a national network of electric vehicle chargers" across the United States.

What's next for Tritium?

Tuesday's news is just the start of what could become a series of exciting updates to boost the Tritium share price.

The company is expecting production at its new Tennessee facility to begin in the September quarter of 2022. Hunter said the facility will help Tritium double or triple its United States production in the United States.

Tritium also said it's planning to announce the expansion of its European manufacturing capacity in 2023. It will do so either through expanding its existing facilities or establishing new facilities.

Additionally, it announced that preliminary figures show 43% of its 2021 revenue came from the United States. Another 43% came from Europe.

For comparison, for the 12 months ended 30 June 2021, 23% of Tritium's revenue came from the United States while 68% came from Europe.

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on International Stock News

Smiling man working on his laptop.
International Stock News

Which 'other' US AI stock is soaring this week?

This US AI stock is following Nvidia's footsteps in more than one way.

Read more »

Legendary share market investing expert and owner of Berkshire Hathaway Warren Buffett
International Stock News

Warren Buffett meets AI: Is Berkshire Hathaway prepared for technological disruption?

Berkshire Hathaway's portfolio may contain underappreciated AI-associated risks.

Read more »

A man looking at his laptop and thinking.
International Stock News

Nvidia stock is still a great buy — but when should investors sell shares?

Here are three solid reasons for investors to consider selling shares of the artificial intelligence (AI) chip leader.

Read more »

Three exuberant runners dash towards the camera. One raises her arms in triumph; another jumps in the air with arms raised. The third runner gives a satisfied smile.
International Stock News

Why Tesla stock jumped today

Tesla investors seem to want to keep CEO Elon Musk happy.

Read more »

A woman holds a soldering tool as she sits in front of a computer screen while working on the manufacturing of technology equipment in a laboratory environment.
International Stock News

Prediction: This will be Nvidia's next big move

The GPU leader's next big growth catalyst isn't being talked about much by investors -- yet.

Read more »

streaming stocks represented by woman watching tv on tablet
International Stock News

Why Apple stock popped (again) Wednesday morning

Wall Street is increasingly bullish on the iPhone maker's plans for artificial intelligence (AI).

Read more »

Boral share price divestment Banknote ripped in half
International Stock News

Is Nvidia stock a buy after the 10-for-1 stock split?

Shares in this artificial intelligence titan have become significantly cheaper, but its massive market cap remains the same.

Read more »

Woman relaxing and using her Apple device
International Stock News

Why Apple stock popped Tuesday morning

Wall Street is bullish on the iPhone-maker's plans for artificial intelligence (AI).

Read more »