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Kandi: China’s Non-Tesla Electric Car Maker

About all that Kandi Technologies Group Inc. (NASDAQ: KNDI) has in common with that other electric car maker — Tesla Motors Inc. (NASDAQ: TSLA) — is that both companies use lithium ion batteries and both have seen their stock prices soar in the past 12 months. Tesla’s shares are up about 560% in the past year and Kandi’s are up about 480%.

Among other products, Kandi makes small electric cars and trucks that cost about a tenth the price of a Tesla Model S sedan. And the big noise from the company was a deal made earlier this year among the city of Hangzhou, Kandi and a battery maker that would make up to 20,000 vehicles available in Hangzhou for hourly rentals of around $3.40. So far the company has delivered just under 5,000 cars at a price of $6,317 per car, less the battery.

Kandi got a boost last summer when the government approved the company’s vehicles for subsidies and incentives. The government plans to put 500,000 clean cars on China’s roads by the end of 2015 and five million by 2020. But according to one report, fewer than 20,000 electric vehicles were sold in China in 2013.
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