Imaginechina via AP Images
Chinese workers push an EV past electric vehicles displayed at a parking lot of Zhejiang Kandi Vehicles Co., Ltd, in Hangzhou city, east China’s Zhejiang province.
Shares of Kandi Technologies Group rocketed up more than 35 percent in trading Wednesday after the Chinese electric automaker announced the item received approval to import two of its cars to the United States.
The National Highway Traffic Safety Administration (NHTSA) approved Kandi to ship its design EX3 along with design K22 cars to the U.S.
“With of which, we are confident in introducing our reliable vehicles to the American public,” Kandi CEO Hu Xiaoming said in a statement. “We believe both the EX3 along with K22 are competitive in cost along with quality with advanced tech features of which are in demand by American consumers.”
While the two cars are all-electric, Kandi is actually not a “pure play” electric automaker like Tesla or Nio. Kandi Technologies is actually the joint venture of Kandi Vehicles along with Geely Group, which is actually one of China’s largest automakers.
Kandi shares have risen more than 120 percent from the past year along with hit a brand-new 52-week high on Wednesday of $8.37 a share.