KNDI up 13% today on details of generous Chinese EV subsidy plan:
8:49a ET September 19, 2013 (Dow Jones)
Kandi Technologies: New China Subsidy Plan to Aid Electric Vehicle Efforts
By Tess Stynes
Kandi Technologies Group Inc. (KNDI) said the Chinese government's recently released subsidy policies are expected to bolster the vehicle maker's efforts in the electric-vehicle market.
The maker and developer of electric vehicles and all-terrain vehicles said the policy, which covers pure electric vehicles, plug-in electric hybrid vehicles and fuel-cell battery vehicles aims to encourage purchases by government agencies, public organizations and public transportation organizations.
Kandi Technologies Chairman and Chief Executive Xiaoming Hu said the pure electric vehicle is the focus of the government policy, which will be "beneficial" to a variety of the company's pure electric vehicle projects.
Shares were up 6% at $5.82 in recent premarket trading. Through Wednesday's close, the stock is up 38% this year.
Under the policy, the Chinese government would provide as much as 60,000 yuan (US$9,798) for the purchase of an all-electric passenger vehicle and up to CNY500,000 for an electric bus. The policy also includes benchmarks for pilot programs in Chinese cities and regions.
Kandi Technologies said in June that an all-electric sedan the Chinese firm developed with Geely Automobile Holdings Ltd. (GELYY, 0175.HK) received an approval from Chinese regulators that will allow purchasers to qualify for subsidies and incentives. The joint venture was created to develop and produce electric vehicles in China--the world's largest auto market--earlier this year. Each company has a 50% stake in the venture.
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