Shares of Kandi Technolgies Group, Inc. (KNDI) are up almost 10% to $20.00 in pre-market trading Tuesday. The spike may be attributed to a Bloomberg News report that states China is considering providing as much as $16 billion in government funding to build more charging stations and increase demand for electric vehicles. Citing people familiar with the matter, the publication also states that the new policy will be announced soon. Furthermore, the New York-based newspaper adds that the new program would also build on efforts by China to fight pollution and cultivate its local EV industry, which includes BYD Co. and Kandi Technologies Group Inc. The report did not specify whether the new charging facilities would be compatible with Tesla Motors (TSLA) EVs.
Shares of Kandi Technolgies Group hit a new 52-week high of $22.49 on July 22. Currently the stock prints a healthy one year and year-to-date return of about 334% and 68.45%, respectively. KNDI declined 75 cents to close at $18.27 on August 25. Its profit margin is negative at (17.94%) while operating one is at (0.91%). Kandi Technolgies price-to-sales (P/S) ratio is 5.44.
The chart below shows where the stock of the $841 million market cap company has traded over the last year, with the 50-day and 200-day moving averages included.
Kandi Technologies Group, Inc., manufactures various vehicles ranging from electrical vehicles to specialized automobiles. The company is headquartered in Jinhua, China.