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Kandi Technologies up 10 Percent after Announcing First 100 Electric Vehicles Delivered (KNDI)

Shares of Kandi Technologies Group (NASDAQ: KNDI) are up more than 10 percent in early trading Friday after the company announced that it had delivered the first 100 Kandi-Geely electric vehicles for the official launch of an electric vehicle sharing system in Hangzhou City, China.

The previously announced project established a five-year plan to create a mini-public transportation system which will include up to 100,000 self-serving rental electric vehicles and all necessary service infrastructure, such as pure electric vehicle smart vertical parking and charging facilities throughout Hangzhou City.

Kandi Technologies Group is a $168 million company that has seen gains of 28 percent in the past six months. It reached a high of $7.85 in early June but sold off after forming a double top.

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Disclosure: At the time of this writing, the author had no position in the company mentioned.

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