Chinese electric car maker, Kandi Technologies Group, saw shares soar as high as +40% on Wednesday following an approval from the National Highway Traffic Safety Administration of U.S. to import two of its cars.
In fact, in the past year the automaker has witnessed a rise of more than 120%, hitting its highest on Wednesday of $8.53 a share.
The two models ready for shipping are Model EX3 and Model K22 cars. With this, the company is excited to bring its offerings to the American vehicle market. It expects that the balanced price and quality of these two models will become popular with American drivers.
However, Kandi is not an ‘all electric’ automaker like Tesla (TSLA) and Nio (NIO). It is a joint venture with Geely Group, which is one of China's largest automakers.