UTime Limited (NASDAQ: WTO) witnessed a remarkable upswing in its stock value during after-hours trading on Thursday, experiencing a substantial 41.99% surge to reach a price of $0.4200. During the regular trading session, shares of UTime (WTO) also exhibited strong performance, surging by 9.56% to settle at $0.2958.
This notable increase in UTime’s stock value occurred in the absence of any notable news events, suggesting that recent developments may be contributing to the heightened interest and appreciation of the stock.
United Time Technology Co. Ltd, governed by a contractual agreement through UTime Ltd. (WTO), recently solidified a strategic partnership with Shenzhen Jiuzi XinNeng Holding Group, a subsidiary of Jiuzi Holdings. This alliance is set to span from 2024 to 2027, focusing on the design, assembly, and supply of up to 10,000 cutting-edge smart electric vehicle (EV) chargers.
Their goal is to enhance convenience and efficiency in EV charging for third and fourth-tier Chinese cities. This collaboration leverages the technological, service, and marketing strengths of both parties, contributing to the sustainable growth of the electric vehicle industry supply chain.
Under the agreement, WTO will oversee the design and original equipment manufacturing (OEM) of these EV chargers, valued at approximately $68.5 million. The delivery of these 10,000 chargers is planned in stages over the 2024-2027 period, marking a significant milestone for UTime in smart EV charger production.
The partnership underscores WTO’s commitment to creating an intelligent and user-friendly charging ecosystem, showcasing their core technology capabilities and fostering business development and future growth.
In a strategic move, UTime recently changed its stock ticker symbol from “UTME” to “WTO,” effective September 5, 2023. The symbol change aligned with the future strategic direction and business expansion plans of the company. Over the past several years, WTO has proactively sought diversification in its business pursuits, thereby uncovering new avenues for growth across multiple sectors.
