Kandi Technologies (KNDI) Surges After Announcing Strategic Partnership With Hangzhou Electric Vehicle, Bottom Is In

I believe the bottom is in on Kandi Technologies (KNDI) with today’s 20%+ surge on news it will expand its relationship with Hangzhou Electric Vehicle Service which opens the door for Kandi electric cars to be used in a pure electric vehicle pilot program in the Hangzhou province (around 20K vehicles).  In addition to ensuring that the electric vehicle infrastructure meets Kandi’s technical and infrastructure needs, HEVS will also leverage and promote Kandi’s unique “Express Change” business model.

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"We are very pleased to announce our newest strategic partnership with Hangzhou Electric Vehicle Service Co. This cooperative agreement will form a solid foundation for consumers’ access to Kandi’s pure electric vehicles in the Hangzhou market," said Mr. Xiaoming Hu, CEO and Chairman of the Board of Kandi Technologies.

Technically, I believe the bottom is now in on shares of KNDI.  The stock soared with heavy volume this morning and while it’s off the highs, remains firmly above resistance of the 50 day moving average.  If you have the stomach for increasingly risky China based stocks, KNDI offers an excellent entry point at these levels.

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