Chinese electric automaker Kandi shares rocket 40% higher on approval to import cars to the US - Recent News from USA
Chinese workers push an EV past electric vehicles displayed at a parking lot of Zhejiang Kandi Vehicles Co., Ltd, in Hangzhou city, east China

Chinese electric automaker Kandi shares rocket 40% higher on approval to import cars to the US

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.

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 it received approval to import two of its cars to the United States.

The National Highway Traffic Safety Administration (NHTSA) approved Kandi to ship its Model EX3 and Model K22 cars to the U.S.

“With this, 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 and K22 are competitive in price and quality with advanced tech features that are in demand by American consumers.”

While the two cars are all-electric, Kandi is not a “pure play” electric automaker like Tesla or Nio. Kandi Technologies is the joint venture of Kandi Vehicles and Geely Group, which is one of China’s largest automakers.

Kandi shares have risen more than 120 percent in the past year and hit a new 52-week high on Wednesday of $8.37 a share.

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