Kandi Technolgies Corp (KNDI)

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Kandi Technologies' (KNDI) shares shot up to an all-time high Monday on surging fourth-quarter revenue and earnings, as the Chinese electric vehicle maker builds out its automated car rental system.

Revenue grew 92% to $50.6 million. Sales of its small electric cars jumped 194% to $40 million, and the company extended its rental service to Beijing and Shanghai.

Kandi offers short-term rentals through automated garages and is building a network of 750 such garages throughout the country.

Non-GAAP net income was up nearly 260% to $4.6 million vs. $1.3 million a year earlier.

Kandi shares were up 17% to above 20 per share on the stock market today. The carmaker's stock took off from a 3.92 low close in early June and has risen 416% since then.

"With the newly unveiled EV subsidy policy in China, many of our pending EV orders have begun to be fulfilled during the fourth quarter in which we sold 3,568 units," CEO Xiaoming Hu said in a statement.

For all of 2013, nearly 50% of its sales came from electric vehicles. With its joint venture partner Geely Auto, it has three full-scale EV production facilities.

Read More At Investor's Business Daily: http://news.investors.com/business/031714-693488-kandi-technologies-hits-new-high-on-earnings.htm#ixzz2wEuLs387
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