Kandi Technologies, the Chinese automaker behind the EV vending machine, has announced that its unique EV rental program in the Hangzhou, Zhejiang province of China has been hugely successful. In fact, it's been such a success that Kandi reports the service is already profitable and that expansion efforts are underway.
Kandi is now looking to offer the EV rental service in both Beijing and Shanghai.
Kandi Chairman Hu Xiaoming stated:
Kandi Parking Structure
"I have been meeting local officials from other cities who have been visiting our company almost daily in the past few months. They are very interested in our model and keen on promoting use of electric vehicles in their cities.”
As Market News Recall reports:
"Kandi, together with joint venture partner Geely Automobile Holdings Ltd. (175), provides electric vehicles for short-term hire using automated multilevel garages in Hangzhou. Rental rates start from 20 yuan ($3.3) an hour and covers the first 25 kilometers (16 miles), compared with the starting rate of 11 yuan for taxis."
With all this good Kandi news comes even more good news (via Market News Recall) on the stock market front:
"The automaker’s shares have outperformed the Nasdaq Composite Index this year after tripling in 2013, as China stepped up efforts to combat worsening air pollution and encouraged the adoption of electric vehicles."
From $3 in March 2013 to Over $15 in February 2014
Source: Market News Recall