This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Kandi, Chinese Electric Car Maker, Posts 385% Growth: StockTwits

Stocks in this article: KNDIGELYFTSLA

NEW YORK (TheStreet) -- Kandi Technologies  (KNDI) is driving in the right direction. That was the verdict Monday after the Chinese all-terrain and electric vehicle maker reported nearly 385% growth in its electric vehicle business.

Shares rose nearly 20% Monday morning to $13.71. Many investors on StockTwits.com called for more gains. Sentiment on the stock is 97% bullish, according to site analytics.

$KNDI i think is going to hit 14....... ? Felly Firecracker (@FellyFirecracker) May. 12 at 10:56 AM

$KNDI this looks like it could be a $50 stock in 2015 ? Vinesh Guruwara (@vpg_999) May. 12 at 10:52 AM

Kandi, which manufactures electric vehicles for "sharing," or short-term rental, said its electric vehicles unit brought in $8.4 million in sales during the first quarter. Its electric vehicle battery packs and parts division brought in another $25 million. Those results helped drive year-over-year sales up 174% to $40.2 million.

Kandi also saw strong results from a joint venture to create electric vehicle parts. The business, half-owned by Kandi and half-owned by a subsidiary of Geely Automobile (GELYF), brought in $1.7 million during the quarter.

Kandi CEO Xiaoming Hu characterized the financial results as satisfying and expressed confidence in the company's electric-vehicle business. "The Public EV Sharing Project in Hangzhou is making modest progress and several other cities have approached us to discuss implementation of the project in their cities. We are very confident about the continuous high growth of our EV business," he said.

Hu also said that the joint venture should help Kandi soon become "the leading fully integrated provider of pure EVs in China."

Whoever dominates the electric vehicle market in China stands to become one of the largest alternative vehicle manufacturers in the world. China's air pollution problem has prompted the government to adopt generous subsidies for electric vehicle makers. The government has also set a target of five million electric vehicles by 2020. And Tesla (TSLA) CEO Elon Musk has identified China as the greatest opportunity for electric vehicle manufacturers.

$KNDI "#1 ev maker in china" speaks volume. Pollution ain't going nowhere there.. This is a need not a want. ? chouavue (@chovue2013) May. 12 at 11:10 AM

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,614.81 +215.14 1.31%
S&P 500 1,941.28 +37.27 1.96%
NASDAQ 4,419.4780 +103.4040 2.40%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs