Kandi Technologies (KNDI) Launches New Lithium Battery Powered Car Which China Govt Says Is Eligible For Subsidies

Shares of Kandi Technologies (KNDI) began surging about three hours ago after the company announced it launched their lithium ion battery based electric car, the KD5011, which features a range of 200 – 230km per charge.  The previous model (KD5010) used a lead-acid rechargeable battery and had a driving range of 100-150km per charge. They also announced that the new model is eligible for national subsidies of up to $9K per vehicle in all pilot cities (currently five and likely to grow) designated by the Chinese government.  This is significant news for Kandi and solidifies them as a top tier electric car play in China.  No wonder shares surged more than 15% following the news.

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Shares of KNDI had taken out key support of the 50 day moving average in recent days, but the late day surge gets the stock back above the 50 and back in bull mode.  In my opinion, any pull back from here offers a compelling entry point.  I have no position at this time, but may enter next week.

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