Motley Fool
Why Kandi Technologies Stock Popped 10% Today
Shares of Kandi Technologies (NASDAQ: KNDI) jumped 10.5% as of noon ET Tuesday after the Chinese electric car parts-maker announced that it has reached the stage of “successful mass production” of its new rechargeable battery for electric cars and trucks. As Kandi explained in its press release, the new battery, dubbed the “IFR18650-2200mAh,” is a lithium iron phosphate or “LFP” battery built in the familiar 18650 form factor. The main differences in Kandi’s product are that (1) it uses iron in its chemistry, making the battery cheaper than the standard nickel-cobalt-aluminum-manganese and lithium mix, and (2), Kandi says the new battery has an energy density that “is 22% higher than the current industry average” — so it lasts longer than an average 18650 battery, too.