Electric vehicle manufacturer Volcon, Inc. VLCN has witnessed a significant uptick in its stock price as of late.
This resurgence follows a staggering 100% decline over the past year, making this recent recovery all the more remarkable.
The rally can be attributed to the recent announcement by the company’s CEO, John Kim, regarding the delivery of their first production vehicle, the Volcon Stag, to the U.S. Army Corps of Engineers for evaluation in military and humanitarian missions.
The Volcon Stag, touted as the fastest-production electric UTV in the market, has garnered attention for its cutting-edge features and capabilities.
This initial delivery is just the beginning, with a larger batch of units set to be dispatched for further testing in the coming months.
Looking ahead, Kim outlined the company’s plans to ramp up production and sales of the Stag model while simultaneously fulfilling orders for their line of electric motorcycles domestically and internationally.
Highlighting the progress in their motorcycle division, Kim mentioned that the company’s Grunt EVO motorcycles are now being produced at full capacity.
“We are actively distributing motorcycles to dealers across the United States and beyond to our global partners,” Kim elaborated.
Earlier this month, Volcon appointed John Kim as the new Chief Executive Officer, following his tenure as an independent director on the company’s Board since July 2021.
Price Movement: VLCN shares surged by 36.36% to reach $1.65 in the latest trading session on Thursday.
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