NEW YORK (TheStreet) — Electric vehicle manufacturer Kandi Technologies (KNDI_) revved ahead Wednesday as investors reacted to a Chinese-language report showing the strength of Kandi’s electric vehicle business.
The report, which many translated via Google, indicated that Kandi small electric vehicle production reached 1,565 cars in May. Tesla (TSLA_), for comparison, imported 532 cars, according to the translated article.
The news came in the wake of a series of bullish articles on the Chinese electric car industry. The Wall Street Journal reported Saturday that China is changing how it offers green sales subsidies to electric car makers, making it easier for companies to sell cars outside their local province. Reuters reported that BMW will deliver electric cars to China in September, and executives believe the country will quickly become the biggest market for electric vehicles.