NEW YORK (TheStreet) -- Shares of Kandi Technologies(KNDI) - Get Report were gaining 8.7% to $14.38 with heavy trading volume Monday after the Chinese electric vehicle maker reported record results for full year 2014.
Kandi Technologies reported earnings of 29 cents a share for 2014, up from a loss of 61 cents a share in 2013. Revenue grew to $170.2 million for the year, an 80.1% increase from the company's 2013 revenue of $94.5 million.
Analyst estimates were not available for the auto maker.
Kandi Technologies said that its Kandi Electric Vehicles Group joint venture company sold 10,935 electric vehicles in full year 2014 and 3,656 EVs in the fourth quarter. The joint venture company reported sales of $215.5 million for 2014.
"Our robust financial results were driven by the growing market demand for electric vehicles," Chairman and CEO Xiaoming Hu said in a statement. "In 2014, we invested a tremendous amount of time and resources on building our EV business. Kandi's electric vehicle model has been highly appraised by China's Science and Technology Minister and other senior government officials."
About 2.1 million shares of Kandi Technologies were traded by 10:37 a.m. Monday, above the company's average trading volume of about 783,000 shares a day.
TheStreet Ratings team rates KANDI TECHNOLOGIES GROUP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate KANDI TECHNOLOGIES GROUP (KNDI) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and increase in net income. However, as a counter to these strengths, we also find weaknesses including weak operating cash flow, poor profit margins and a generally disappointing performance in the stock itself."
You can view the full analysis from the report here: KNDI Ratings Report