Boston, MA 06/13/2013 (wallstreetpr) – The share prices of Kandi Technologies Corp. (NASDAQ:KNDI) had declined by 17.58 percent to close at $6.62 per share for the end of last trading session on Wednesday. The shares of the company had been trading in the range of $6.25 to $7.58 per share during the day. The shares of Kandi Technologies Corp. (NASDAQ:KNDI) had recorded 52 week low price level of $2.33 per share and 52 week high price level of $8.50 per share.
Kandi Technologies Corp. (NASDAQ:KNDI) is primarily involved in the design, development, manufacturing, marketing and sales of all terrain vehicles, go karts and specialty automobiles such as electric vehicles. The company has its operations and customers based in the People’s Republic of China and other global markets.
The company’s first pure electric sedan, developed in collaboration with Geely Automobile Holdings Ltd. had been recently approved for marketing and sales by the Ministry of Industry and Information Technology at the People’s Republic of China. This approval further allows the consumers of this electric sedan to qualify for the subsidies and incentives related to pure electric vehicles which are provided by the government in China.
Kandi Technologies Corp. (NASDAQ:KNDI) had recently been witnessing decline in share prices coupled with heavy trading volumes owing to the lesser attractiveness of new electric sedan in the Chinese markets, where the consumers are still not attracted to electric luxury vehicles. The shares of Kandi Technologies Corp. (NASDAQ:KNDI) had witnessed the trade of 4.35 million shares on Wednesday, while the average trading volume of the company is at 1.51 million shares per day.
Kandi Technologies Corp. (NASDAQ:KNDI) presently holds 32.54 million shares outstanding in the market with an institutional ownership of 1 percent of its holdings.
