China BAK +40% after LG Chem's deal for electric car battery factory in China

|About: China BAK Battery, Inc. (CBAK)|By:, SA News Editor

China BAK Battery (CBAK +39.8%) shares are soaring, perhaps related to a WSJ article out this morning which discussed South Korea's LG Chem looking to invest hundreds of millions of dollars in building an electric-car battery factory in China, which may begin production in 2015.

The move by LG Chem comes as automakers are rushing to introduce electric vehicles in China, driven by the government's plan to put 500K such vehicles on the road by 2015 and 5M by 2020.