Kandi Technologies (KNDI) unveiled its new KD5011 electric car at a grand opening ceremony for Hangzhou’s first New Energy Vehicle Showroom on March 29th.  The KD5011 is a government approved all electric car that improves upon earlier models with better range.  The affordable vehicle (below $5k after government subsidies) in theory will be able to travel up to 150 miles on a single charge.

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"Hangzhou remains one of China’s major pilot cities for new energy vehicles and continues its ambitious EV commercialization plans to have more than 23,000 EVs on the city’s streets by the end of 2012. Hangzhou’s commitment to the widespread adoption of pure EV technology has allowed Kandi Technologies, and its strategic partners, a tremendous opportunity to expand their pure Electric Vehicle offerings to the city’s commuters," commented Mr. Hu. "We are delighted with the expressions of interest we received from consumers at the grand opening ceremony regarding Kandi’s newest EV model. This marks the first major step towards commercializing our lithium-ion EV in Hangzhou.

Shares of KNDI have been in a long slide since hitting new highs just a few months ago.  With another plummet in recent days the stock is getting into support around the lows of last summer.  This is despite the news on March 15th they won a deal to supply 1000 electric cars to a company in Rome.  In my opinion, this company will offer a nice longer term opportunity, but it’s too soon to jump in.  Sell volume needs to dry up and buyers need to show signs that they are beginning to put money to work in this stock.