Lightning eMotors stock rallies toward 1st gain in 6 days after deal to supply 6 electric shuttle buses to Vanderbilt University

Shares of Lightning eMotors Inc.
ZEV,
-0.27%
rallied 5.1% in premarket trading Thursday, putting them on track to snap a five-day losing streak, after the electric vehicle maker said it will supply six electric shuttle buses to Vanderbilt University. The Lightning ZEV4 shuttles are expected to be delivered in the second quarter of 2023, for use by VandyRide, the university’s intercampus transportation service. The electric shuttles are built on the General Motors Co.-based platform, and deliver up to 130 miles of range. “We are confident drivers, passengers and fleet managers will appreciate the electric performance, quiet ride and reduced maintenance, and of course, the environmental benefits of the Lightning ZEV4,” said Jeremy Hiller, sales director for Eastern U.S. at Lighting eMotors. The stock had tumbled 35.6% amid a five-day losing streak through Wednesday, which was so far the longest such streak since the five-day stretch that ended Feb. 9, 2023. The stock has plunged 49.4% year to date through Wednesday, while the Global X Autonomous & Electric Vehicles exchange-traded fund
DRIV,
+0.99%
has rallied 16.7% and the S&P 500
SPX,
+0.94%
has gained 8.3%.