Kandi Technologies Corp. (Nasdaq: KNDI) shares rose 27.9% to $2.34. The Chinese electric-vehicles manufacturer said it signed an agreement with Hangzhou Electric Vehicle Service Co. to work with it on a municipal government electric-vehicle pilot program. Volume for the shares totaled 757,000, or better than double its daily average.
A news release issued July 11 stated that Hangzhou., a professional service company affiliate of State Grid Corporation, is assisting the local municipal government in launching the 20,000 pure electric vehicle pilot program for Hangzhou consumers through the end of 2012. Hangzhou Electric Vehicle Service Co. also manages the local State Grid “Express Change” battery service network.
Under the agreement, Hangzhou Electric Vehicle Service Co. will ensure that the service network being built by State Grid will support Kandi’s technical requirement and infrastructure needs, while permitting efficient and effective operation of Kandi’s EVs.
The same release quoted Kandi CEO Xiaoming Hu as saying, “We are very pleased to announce our newest strategic partnership with Hangzhou Electric Vehicle Service Co. This cooperative agreement will form a solid foundation for consumers’ access to Kandi’s pure electric vehicles in the Hangzhou market.”
Kandi Technologies, Corp. is a manufacturer and exporter of a variety of vehicles in China, making it a world leader in the production of popular off-road vehicles.