UQM Technologies (UQM) Soars On News It Supply Electric Propulsion For Audi Electric Car Test Fleet

Shares of UQM Technologies (UQM) soared today on news they will supply PowerPhase electric propulsion systems for the Audi A1 e-tron all electric vehicle test-fleet.

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“This fleet order from Audi further validates the ability of our products to meet the demanding requirements of major automotive customers,” said Eric R. Ridenour, President and CEO of UQM Technologies. “We are extremely well-positioned and prepared for growth as the electrification market continues to develop and expand.”

I mentioned after the UQM earnings report a few days ago, that shares would face some resistance around the 200 day moving average.  The stock obliterated that resistance today, soaring above the $3 level.  A pull back to near $3 would offer a compelling entry point.

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