Toronto, Ontario — In this weekly edition of Collision Repair’s Tuesday Ticker, PPG breaks a number of its own records and Stellantis enters a lucrative partnership with an electronics giant.
Pumped up PPG
PPG stock has hit a new high four times over in the last five days, according to the market tracking website FostersLeader.
The company saw an upside of 0.89 percent to close last Friday at US$160.30 after adding US$1.42 onto the day.
The 5-day average trading volume is 1,389,060 shares of the company’s common stock. It has gained $161.65 in the past week and touched a new high four times within the past five days.
An average of 1,196,625 shares of the company has been traded in the last 20 days, and the 50-day average volume stands at 1,114,738.
PPG closed at US$157.40 per share Monday, down 1.81 percent from Friday’s close.
Stellantis and LG Energy Solution on Oct. 18 announced the companies have entered a memorandum of understanding (MoU) to form a joint venture to produce battery cells and modules for North America.
The parties intend the joint venture will establish a new battery manufacturing facility that will help power Stellantis’ goal of realizing more than 40 percent of its sales in the U.S. comprised of electrified vehicles by 2030. Targeted to start by the first quarter of 2024, the plant aims to have an annual production capacity of 40-gigawatt hours.
The batteries produced at the new facility will be supplied to Stellantis assembly plants throughout the U.S., Canada and Mexico for installation in electric vehicles ranging from plug-in hybrids to full battery-electric vehicles that will be sold under the Stellantis family of brands.
“Today’s announcement is further proof that we are deploying our aggressive electrification road map and are following through on the commitments we made during our EV Day event in July,” said Carlos Tavares, CEO of Stellantis. “With this, we have now determined the next ‘Giga factory’ coming to the Stellantis portfolio to help us achieve a total minimum of 260-gigawatt hours of capacity by 2030.