What happened Shares of CBAK Energy Technology (NASDAQ: CBAT) rose 45.5% in January, according to data from S&P Global Market Intelligence. The battery company's stock soared early in the month following a report that electric vehicle (EV) specialist NIO was gearing up to launch new models using lithium iron phosphate batteries. CBAT data by YCharts Chinese EV industry news website cnEVpost published a report on Jan. 6 indicating that NIO was planning to introduce new, budget-focused vehicle lines that would use lower-cost lithium iron phosphate batteries. NIO is reportedly turning to CATL (China's largest auto lithium-ion battery company) to supply the batteries for the upcoming vehicles. However, the announcement prompted speculation that there could be increased demand for CBAK's technologies, and the company did announce a potentially significant partnership later in the month. Image source: Getty Images. So what CBAK published a press release on Jan. 25 announcing that it had signed a one-year contract with Chengdu Raja New Energy Automotive Technology to provide lithium-ion batteries for vehicles used in the company's food delivery and logistics projects. After years of relatively weak performance, CBAK stock has skyrocketed over the last several months on signs of potential opportunities in the EV market. The company's share price is now up roughly 1,110% over the last year. Now what CBAK stock has continued to make gains early in February's trading. The company's share price is up roughly 10% in the month so far. CBAT data by YCharts CBAK now has a market capitalization of roughly $644 million. The overall EV space looks primed for huge growth over the next decade and beyond, but whether the company will be able to continue securing wins in an increasingly competitive space remains speculative. 10 stocks we like better than CBAK Energy Technology, Inc.When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and CBAK Energy Technology, Inc. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of November 20, 2020 Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source