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Shares of Kandi Technologies have surged as much as 350% from Tuesday’s close, fueled by the electric-vehicle maker’s announcement that it will launch two of its cars in the US next month.
Kandi Technologies is a Chinese electric-vehicle maker that competes with the likes of Tesla and Nio. On Tuesday, Kandi America, its US subsidiary, announced that customers will be able to put down $100 fully refundable deposits for two of its vehicles, the K27 and K23, starting August 18.
In addition, the vehicles will be ready for delivery beginning in the fourth quarter of 2020, the company said.
“Electric vehicles have been valued for years for their efficiency, sustainability and innovation. However, owning the ‘it’ car often eluded consumers who desired a great EV alongside all the other comforts of modern living. Kandi changes that and revolutionizes the EV-buying experience for many,” said Johnny Tai, CEO of Kandi America, in a statement.
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Kandi’s vehicles cost much less than the models offered by competitor Tesla. The compact K27 model starts at $12,999 after federal tax credits, the company said. The larger K23 model, which is the size of a small SUV, starts at $22,499 after federal tax credits.
Comparatively, Tesla’s Model 3, its lowest-priced vehicle, starts at $31,690, including potential savings through tax credits, according to the company’s website.
Shares of Kandi have surged more than 260% year-to-date.
