Why Kandi Technologies' Stock Is Rising Today
Shares of Chinese electric-vehicle maker Kandi Technologies (NASDAQ: KNDI) were trading higher on Wednesday after upbeat June sales reports from other companies selling electric vehicles in China, including giant Tesla (NASDAQ: TSLA).
As of 1:45 p.m. EDT, Kandi's American depositary shares were trading up about 9.4% from Tuesday's closing price.
As with many other Chinese companies, Kandi's sales took a big hit in the first quarter as China imposed strict stay-at-home orders amid the coronavirus pandemic. But investors looking for signs of optimism (Kandi doesn't say much) have found some in the June sales reports for electric vehicles in China: Both Tesla and Chinese rival NIO (NYSE: NIO) had big year-over-year sales increases, suggesting that the market for what China calls "new energy vehicles" is back on a growth trajectory.
Source Fool.com
