Kandi Technologies (KNDI) is surging about 15% in premarket trading today after announcing it has formed a strategic alliance with China Potevio/CNOOC New Energy and Power (aka “Alliance For Chinese Electric Vehicle Development and Commercialization”) to speed up the commercialization and adoption of electric cars in China. 

Kandi which specializes in the manufacturing of electric vehicles and other non traditional vehicles spearheaded the new alliance and has support of the government.  CEO Xiaoming Hu commented, “We now have a core group of highly competent, like minded companies, with backing from the government who see the future of transportation in China — zero emission vehicles powered by electricity that will decisively improve China’s environment and help free us from dependence on foreign oil. Kandi is privileged to be part of this group which, among other things, we believe will help solidify our leadership in building and marketing electric vehicles.”

The alliance has a goal of creating an entire network from charging to recycling to renting and will test its formula in Jinhua City.  With government support, it would like to see a world where everyone can afford an electric vehicle and not worry about the cost and replacement of the battery or running out of a charge.

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