Here is Why Kandi Technologies Continues to Move Up
The electric vehicle industry has well and truly taken off in the past half a decade or so and it is no longer Tesla, which is the only player in the fast-growing industry. One of the emerging players in the space is Kandi Technologies Group Inc (NASDAQ:KNDI) and on Wednesday, its stock soared after the company made a major announcement with regards to its business.
Launch Of Two Of Its Vehicles In The U.S. Next Month
The electric car manufacturer announced yesterday that it is all set to launch two of its vehicles in the United States in August. That was a major announcement without a doubt and soon enough the stock soared as investors rushed in to acquire it.
The Kandi shares rallied by as much as 140% on the back of the announcement and it will be interesting to see if it can add to its gains through the rest of the week. The announcement was made by the company’s United States subsidiary Kandi America yesterday afternoon. The company stated that the two models are going to be launched in the United States on August 18 in a virtual event. The Chief Executive Officer of the American subsidiary Johnny Tai stated that customers who are interested in those models will be able to make a refundable deposit of $100.
The two models are K23 and K27, which are smaller sized and affordable electric vehicles meant to be used as commuter vehicles in urban areas. The K27, which is a basic electric vehicle, is equipped with a 17.7-kilowatt-hour battery and is priced at $19,999. On the other hand, the fancier K23 is going to have a 41.4-kilowatt-hour battery and is going to be priced at $29,999.
Both the quoted prices are ‘before incentives’. Since Kandi America has its headquarters in Garland, Texas, the company is going to focus its energies on the sales efforts in the cities of Dallas and Fort Worth.
At this point in time, it is not quite easy to make out how automobile investors are going to react to this news. If the company manages to make a sale then it would be higher than anything it has done so far. However, it should also be noted that both the cars are perhaps priced a bit high when compared to the features on offer. For instance, offerings from Nissan and General Motors offer a higher range than the K23 and also have a higher quality of the build.
An individual can buy those cars for a few thousand dollars more. Hence, it remains to be seen if Americans are going to prefer a Kandi electric vehicle over that of the ones produced by General Motors or Nissan. Earlier on in the month, Kandi shares had rallied after the company announced that it had hit a ‘key milestone’ with regards to its all-electric Maple 60V vehicle.
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