Why Kandi Technologies Stock Slumped on Friday

Shares of Chinese electric-vehicle maker Kandi Technologies (NASDAQ: KNDI) were trading lower on Friday afternoon, two days after a surprise rally that more than doubled its share price.

As of 3:15 p.m. EDT, Kandi's American depositary shares were down about 13.4% from Thursday's closing price -- but still up about 83% for the week.

Kandi's stock price jumped 140% on Wednesday afternoon, after the company said that it will launch two of its small electric cars in the United States at a virtual event on Aug. 18. Interested customers will be able to reserve the Kandis with a $100 deposit at that time, the company said.

Source Fool.com