UQM Technologies (UQM) is soaring over 50% today on no news, but StreetInsider.com is reporting that it might have something to do with speculation that Chrysler will be using a UQM product in one of its upcoming electric cars, scheduled to start shipping in two years. It’s a bit strange though because the Wall St journal reported yesterday that Chrysler is in advanced talks with A123 Systems, which is planning to IPO soon.
Chrysler showed off an extended range electric Jeep Wrangler and mini van to CNBC yesterday. Lithium ion batteries will power the car for the first 40 miles with small internal combustion engine charging the battery for longer trips. The battery will take a full charge in 8 hours from a standard outlet and provide a range of 400 miles on 9 gallons of gas.. doesn’t seem all that extraordinary does it? It’s clear that the major US auto companies are scrambling to outdo each other in the race to produce quality electric vehicles.
This could be really good for UQM, but even if the Chrysler play doesn’t pan out, this little company has room to run because they have their hands in several big players’ pockets, not the least of whom is the U.S. military. UQM is a long term play with huge potential, so don’t get too caught up in the ailing Detroit automaker prospect.