Kandi Technologies (KNDI) Announced 1000 Electric Car Order For Rome

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08:17:41 pm on March 15, 2011

Kandi Technologies (KNDI) announced yesterday that it received a purchase order for 1000 pure electric vehicles for the Italian market from Share Corp.  The vehicles will be used in Rome initially to help curb pollution in the city.  The two companies will work together to bring electric cars to other major European cities.

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"We believe that, in the future, Kandi EVs will appear throughout Europe," said Xiaoming Hu, CEO and Chairman of the Board of Kandi Technologies. "Without question," he added, "an increased number of non-polluting electric vehicles will protect Europe and our planet and greatly enhance the quality of life in our cities."

It’s been a rough go for shares of KNDI over the past few months with shares dropping over 50%.  It appears more time is needed for shares to put in a definitive bottom, but I believe the stock is close.  There is significant support in the $3 range so the stock may need to retest that level of support before a definitive bottom in place.  KNDI still remains one of the most promising publicly traded electric car stocks in the world, so at some point it will offer an outstanding long term entry point.

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