Kandi Technologies Sees Stock Shoot Through The Roof
JUN 8 2014 BY ERIC LOVEDAY
Kandi Technologies is driving in the right direction, according to The Street.
In May, Kandi Technoliges reported growth of almost 385% in its electric vehicle division, much of which came from the successful introduction of the Kandi Machine (an EV car sharing program in China in which vehicles are dispensed somewhat like a vending machines dispenses candy).
The Street adds:
“Kandi, which manufactures electric vehicles for “sharing,” or short-term rental, said its electric vehicles unit brought in $8.4 million in sales during the first quarter. Its electric vehicle battery packs and parts division brought in another $25 million. Those results helped drive year-over-year sales up 174% to $40.2 million.”
Kandi CEO Xiaoming Hu stated:
The Public EV Sharing Project in Hangzhou is making modest progress and several other cities have approached us to discuss implementation of the project in their cities. We are very confident about the continuous high growth of our EV business.”
The immediate success of Kandi’s EV rental program was somewhat surprising at the time. However, just recently electric vehicles starting to really catch on in China, so we suspect other firms who deal in the electric vehicle business in China will begin to see growth too.
Source: The Street